I rang them the other day and they were sound,its a disgrace that if you get your mortgage in Dec 2008 that your 25% TRS runs out the same time as if you bought your house in jan 2008!
That doesnt seem fair at all. Does it decrease more in the coming years?
i took out my mortgage in december 2008, we didn't recieve the trs until march 2009. so, the amount that we missed out on for the 2 months was divided out for the remaining 10 months of the year. I got a letter the other day saying my trs was decreasing and when i rang revenue, that was the reason for it (i had forgotten about it!) If it was a case of dec 08 being my year one then i would have had a bigger decrease so i dont think they do do it that way??
I'm on a 5 year fixed mortgage (taken out Aug 2006), was a FTB with mortgage drawn down in Nov 2004.
I was notified that my TRS was going from 171 p/m down to 50, does this sound in any way correct?
reading from the Revenue website, it should be 20% in year 6 (we bought in 2004 so this should be Year 6), up to a ceiling of €10k. We're FTBs.
We drew down our mortgage in December 2003 and didn't start receiving Mortgage interest relief until February 2004. We got a letter recently to say that we are no longer getting relief. So in short, we only received 6 years relief, not 7. When we bought our house, we weren't advised of this at all and I read through lots of documentation and didn't see anywhere advising buyers of this. I think it's a disgrace that all the people who move into their houses before Christmas are going to be hit like this and nowhere is there a warning about this.
I have been onto Revenue a number of times and have even made contact with the papers and The Joe Duffy Show on radio. I want to try to get the message out to as many people as possible.....NOT to buy in the latter part of the year because they won't get their full 7 years of relief.
reading from the Revenue website, it should be 20% in year 6 (we bought in 2004 so this should be Year 6), up to a ceiling of €10k. We're FTBs.
we're paying just over €1k p/m in mortgage interest so I think we should be getting relief as follows:
€10k * 20% = €2,000
so our monthly relief should be 166.66
looks like I'll have to call Revenue