Do I get TRS when I am paying interest only?

PatrickJ said:

Approximately four months ago.

Do you think I would eligible for an TRS rebate for all the payments I did make considering they were a few days late?

Click to expand...

Yes you would be entitled to a refund, either from your lender or if not, then from Revenue by end-of-year review.

TRS should have been applied from the time you resumed interest payments on the due dates.

While there might be a delay in restoring TRS, a four-month delay is unacceptable, even if it is an IT problem.

Can you tell us the name of your bank and also which Revenue section you contacted in this matter?

The bank (company) is Acc loan management and it was a section dedicated to TRS that I spoke with in the Revenue. This is why I'm pretty surprised by the information I've received on this thread because its completely in contrast with that of what the Revenue told me.

PatrickJ said:

it was a section dedicated to TRS that I spoke with in the Revenue. This is why I'm pretty surprised by the information I've received on this thread because its completely in contrast with that of what the Revenue told me.

Click to expand...

I am not clear about what you were advised by TRS section, perhaps you would elaborate.

Did you explain that you always paid interest, albeit on occasion later than the due date?

I cannot see why it would be necessary for you to clear your mortgage arrears or have them recapitalized in order to be entitled to mortgage interest relief on the interest you did pay.

Revenue clearly stated that my arrears needed to be cleared either in full or recapitalized by the bank. I remember thinking at the time that this was unfair but with it being Revenue you'd think they'd be correct and of course I didn't challenge them on it.

I formed them I was always paying interest only but they still said you are not eligible until arrears are cleared in whatever format possible.

I will write to my lender today and ask them for a refund and see what they have to say for themselves.

PatrickJ said:

Revenue clearly stated that my arrears needed to be cleared either in full or recapitalized by the bank. I remember thinking at the time that this was unfair but with it being Revenue you'd think they'd be correct and of course I didn't challenge them on it.

Click to expand...

If it were me, I would also request a written explanation of this from Revenue.

I received correspondence from the lender today saying it will be October before TRS is applied. There was no mention of a refund for the months I did not receive it. I will chase this up and update the thread when I hear more.

Banks appear to be using a two-month look back when applying TRS.

For instance, if you miss a payment in July then TRS will cease in September.

However, if you catch up, TRS should resume 2 months after the catch up date and any outstanding TRS due should then be applied.