Am I eligible for TRS?

Molly Bloom

Registered User
Messages
40
I'm hoping some AAM members will shed some clarity here (and will try to make my query as brief as possible!) -

In September 2008 I switched my mortgage to NIB to take advantage of a tracker. This mortgage had been taken out initally in 1997, and I know that switching to take advantage of a better rate is not justification for claiming TRS.

At the same time, I started a new mortgage with NIB, to build on an extension to my house. This was on their standard variable rate, and between October 2008 and late 2009 was on the basis of stage-drawdown, interest-only (payments to the builder, architect, etc).

In January 2010 both mortgages (the lesser balance from the original mortgage, and the more substantial amount borrowed for the extension)were merged into one new tracker mortgage, and I began paying back both interest and principal.

My question is: am I elegible to claim TRS for the new mortgage which begun in January 2010 .....? (I understand that I am not eligible to claim TRS on the interest-only payments during the stage drawdown phase).

Any advice on this, also how to start the process, would be gratefully received!
 
My understanding is that you would only be able to get TRS on the original mortgage amount and in relation to the original property, not any subsequent borrowings for an extension. However i stand to be corrected.
 
Hello everyone

Thought I'd post an update on this. I eventually submitted an application for TRS on the combined mortgage around the middle of April.

I understand that the Revenue Commissioners have approved my mortgage for TRS, albeit not as a first-time buyer. (Apparently one is a first-time buyer for the first 7 years, so that's absolutely fair and understandable, as I'd already got the benefit of TRS in the first years of the initial mortgage).

So I will be eligible for TRS capped at 15% of the first €3,000 of interest paid. My bank will make the first credit to my feeder account next month, and hopefully the retrospective payment will follow shortly thereafter.

The staff in the Revenue Commissioners TRS section were really helpful when I was putting together all the paperwork for my application.

Molly
 
Back
Top