TRS query - non FTB second mortgage

[thomas1234]

i bought a house in 2002, claimed TRS on mortgage interest till i sold it in 2008. the mortgage was for 260k.

i've just bought a house with my wife, for 650k. she owns an apartment, but bought it without a mortgage, so has never claimed TRS.

are we entitled to TRS on the increase, (650-260k), at the non-FTB rate?

i looked through the revenue site; the examples given don't quite match our case, but the closest example would suggest we are entitled to it.

am i right about this?

thanks

 

[elcato]

Re: TRS query

As far as I can see, currently you might be entitled to a year or so depending on when exactly your TRS kicked in for your first property. You are both entitled to 7 years TRS. Your wife will get the non FTB entitlement for (currently) the first seven years of this mortgage.

 

[billythefish]

what's FTB?

 

[thomas1234]

Re: TRS query

As far as I can see, currently you might be entitled to a year or so depending on when exactly your TRS kicked in for your first property. You are both entitled to 7 years TRS. Your wife will get the non FTB entitlement for (currently) the first seven years of this mortgage.

but if you increase the amount, isn't the increased bit entitled to TRS for a further 7?

FTB = first time buyer