Confused about Mortgage Interest Relief

[Exdipper]

I'm very confused about the changes to TRS in the budget.
I thought it only lasted for 7 years as is, and that it didn't restart every time you took out a new mortgage... am I wrong?
My own case is as follows:
We took out our mortgage in 2002. We then sold and bought in 2005 taking out a new mortgage. We topped this one up in 2006.
Now, I thought that our TRS was ending this year, as it's 7 yrs since we first started getting it. From reading things on the Dept of Finance website, would I be right in saying that our 7 years restarted when we took out a new mortgage in 2005, so that TRS on that portion will end in 2012? And then the top up portion will run until 2013? Or is this how it was up until today?
I hope this makes sense!

 

[Senna]

The first 7 years were at higher rates 25-20%, from then on the rate was 15%. So your relief would have drop after year 7 but you would still be getting relief of 15%.
In your case i think it works from the first mortgage (2002), 7 years after that. But someone else will confirm.