TRS (Mortgage Interest Relief) - New rules

D

DerKaiser

Registered User
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I have a feeling this will cause a lot of headaches.

My own mortgage started in December 2007 but the first payment date was January 2008.

I presume that 2008 was year 1?
 
why will it cause headaches,
when the systems are working properly, the trs will be backdated and credited correctly

also there are loads of other threads relating to trs for 2009 and the problems and new rules, might give you some insight, look down the page.
 
I've heard it could take a few months for them to get this right, as DerKaiser said, banks are not fully up to date with it yet.

Kaiser, 2008 would be year 1, as it's from the date of first payment, as told to be my the TRS office.
 
Thanks Paddy - They've incorrectly set me to Year 3 (22.5%) for 2009.

People would need to be careful as these mistakes can be quite costly. If unrectified this would reduce my TRS by over €2,000 over the next six years
 
My own mortgage (BoI) seems OK, currently 22.5% TRS and interest statements for 2008 will issue today (182,000 of them as the lady on the phone told me smugly).
 
Hi all,

Currently building a house and drew down first stage payment in September 2008, making first repayment in October 2008. Haven't applied for TRS yet.
I'm wondering will 2008 be counted as my first year even though I will only have paid interest for 3 months of it.

Appreciate any replies.
 
Hi
I'm a relatively infrequent poster so i apologise if i have posted in the wrong place.
I have a question which i hope someone might help me with.
I bouht a house (first time buyer in 2003). I lived in it myself and rented a room to a friend (cash in hand). I never claimed mortgage interest relief. My friend is now moving out of house number 1.
Last year my partner and i had to move up the country (work reasons) and we bought a house (joint mortgage), on which we have never claimed mortgage interest relief either.
Both mortgages are with different banks.
So my question is - can i/we claim mortgage interest relief on both houses without any comeback? Will the fact that i already have a house (2003 one) impact on claiming for the house we currently live in?
Any help/advice is much appreciated.
Thanks
 
PaddyW said:
DerKaiser, any news?
Click to expand...
Sorry for the delay, finally felt patient enough for the 'on hold' music.

I called the TRS section on 1890 46 36 26. I had to hold for 7 mins which I thought was OK given that it was around lunch time! They were very efficient.

Unfortunately I didn't get the answer I was hoping for but am actually happy because I got a lot of clarity on the issue.

I took out my mortgage in early December 2007. My mortgage provider appears to apply interest on a quarterly basis and unfortunately collected around the middle of December (I had seen this transaction on my mortgage statement). The amount of interest collected qualified for TRS in respect of 2007. This TRS was actually credited to my bank account in 2008 (I checked back to confirm this on my online banking).

So for a mortgage taken out in December with a first payment due in January, the year in which TRS is first applicable will depend on whether or not the bank applied interest to your mortgage account in the first month, this can easily be check on the annual statement (it's worth keeping all mortgage related documents safe)
 
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