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!
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!