Shared ownership and mortgage interest relief

E

ericsson

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Hi there,

I bought a house under the Shared Ownership Scheme a few years ago. It was only the other day when a friend of mine was telling me about hassle he is having with Revenue over mortgage rent relief that I started to question whether or not I am receiving/can receive mortgage rent relief on a Shared Ownership Mortgage. I'm useless when it comes to all things tax related. I have never applied for it, would I have been granted the credit automatically when I bought the house?

I was going to ring the tax office to ask them but will they be familiar with shared ownership and also as I don't pay a full mortgage (mortgage and rent) can I get tax relief?
 
Hi Ericsson,

I have a shared ownership mortgage with DCC and have been receiving the tax relief on the mortgage part. They have also automatically updated any changes that were made in recent budgets to the TRS. It might be worth giving the council a call to check?
 
ericsson said:
Hi there,

I bought a house under the Shared Ownership Scheme a few years ago. It was only the other day when a friend of mine was telling me about hassle he is having with Revenue over mortgage rent relief that I started to question whether or not I am receiving/can receive mortgage rent relief on a Shared Ownership Mortgage. I'm useless when it comes to all things tax related. I have never applied for it, would I have been granted the credit automatically when I bought the house?

I was going to ring the tax office to ask them but will they be familiar with shared ownership and also as I don't pay a full mortgage (mortgage and rent) can I get tax relief?
Click to expand...

There's no such thing as mortgage rent relief.

There's tax relief for mortgage interest, which you should check into (its given at source I.e. it reduces your mortgage repayment, hence it's referred to as TRS - tax relief at source).

There's also a rent tax credit for people who are in rented accommodation.

As far as I know you can't have both of the above, and the TRS will be more beneficial.
 
Hi Mandelbrot,
Yes, it was Tax relief on the mortgage that I meant. Sorry, im not very au-fait with the termonology. By the sounds of what ou are saying so I would automatically be receiving it as it's deducted at source? Also is it still the case that it is only applicable for the first 7 years?

Thanks,
Ericsson :)
 
ericsson said:
Hi Mandelbrot,
Yes, it was Tax relief on the mortgage that I meant. Sorry, im not very au-fait with the termonology. By the sounds of what ou are saying so I would automatically be receiving it as it's deducted at source? Also is it still the case that it is only applicable for the first 7 years?

Thanks,
Ericsson :)
Click to expand...

I'm saying you could already have it and not know it, or you mightn't be getting it - it requires paperwork, it might've been something you signed way back when.

You need to check.
 
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