Hi all,
I have a question about mortgage interest relief. I purchased my home with my partner of the time in 2008. Both first time buyers and got relevant relief.
In 2010 my partner moved out.
Now in 2014, the revenue are looking to reclaim the relief paid to us from 2010 to 2014. I have been sent a letter detailing that X is due to them, which is half the relief for period of 2010 to 2014. Both names are on the mortgage and remain on the mortgage.
I am a little unsure on this and would like some advice. Following are the questions I have.
1. Is this correct? The fact that both names remain on the mortgage, does that mean that we are entitled to the relief.
2. If answer to 1 is that yes it is due, then my next question is, is not just my partner that should be liable to the revenue for the over payment from 2010 to 2014? My argument is that because the house is still my principal residence and I am servicing the mortgage it should make no difference that one of the borrowers has left. Or does it??
3. This is a much more general question and just for my understanding. Is it relevant how many borrowers/purchasers are actually involved in the joint purchase of a home, what would happen if five people purchased a house that was their principal private residence? Would they each get an allowance for all 5?
BTW - all the above if correct, was an honest mistake, lack of awareness if anything.
I have a question about mortgage interest relief. I purchased my home with my partner of the time in 2008. Both first time buyers and got relevant relief.
In 2010 my partner moved out.
Now in 2014, the revenue are looking to reclaim the relief paid to us from 2010 to 2014. I have been sent a letter detailing that X is due to them, which is half the relief for period of 2010 to 2014. Both names are on the mortgage and remain on the mortgage.
I am a little unsure on this and would like some advice. Following are the questions I have.
1. Is this correct? The fact that both names remain on the mortgage, does that mean that we are entitled to the relief.
2. If answer to 1 is that yes it is due, then my next question is, is not just my partner that should be liable to the revenue for the over payment from 2010 to 2014? My argument is that because the house is still my principal residence and I am servicing the mortgage it should make no difference that one of the borrowers has left. Or does it??
3. This is a much more general question and just for my understanding. Is it relevant how many borrowers/purchasers are actually involved in the joint purchase of a home, what would happen if five people purchased a house that was their principal private residence? Would they each get an allowance for all 5?
BTW - all the above if correct, was an honest mistake, lack of awareness if anything.