This is a grey area. I was told by TRS revenue guy its from when you start incurring interest. However the application says first repayment date. I asked the guy to send it to me in writing. When I got the letter it said first repayment date.
Allowing there is no further change in coming budget, this is a significant about of tax relief if your a first time buyer.
If you are you would be nuts to pass up on it. If I were in your position I would make absolutely sure to get a first repayment done before year end. Then have your mortgage break from there. I would apply for the TRS now! Can be done online/
If you are a FTB I would be absolutely sure what would happen here rather than lose this TRS, as the drop in january is large.
I dont know what use a 3 month break is to you and would not risk the level of TRS afforded in 2011, for the sake of a 3 month break. Its like saying I would rather a weekend away than a good used car. A no brainer.
Call revenue TRS hotline and see what they tell you. Get it in writing. You may be able to organise with the bank to make a repayment within a couple of week of drawdown if you explain to them. We explored this and some would and others wouldn't. We drew first repayment down in Sept and first repayment is only going in Nov. I payed a small nominal amount off the mortgage just to register a repayment to the mortgage in case of sudden changes. let us know how you get on.