Never claimed TRS for first mortgage - can i start claiming now?

S

stephnyc

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In 1995 I purchased a home with my parents (joint mortgage applicants/guarantor situation). My parents already had a mortgage on their PPR.

I never applied for TRS subsequently, though I believe my father did. I am considering purchasing a second house, to use as my PPR. Can I begin to claim TRS on this new mortgage? Or should I look at claiming back previous years TRS? Also, if my father claimed full TRS (though I think this was only on his own home) would that mean I am not entitled to claim?

Any help appreciated. Thanks
 
You are entitled to TRS for your PPR. The issue you have is do you qualify as a first time buyer for the 'uplifted' mortgage tax relief.
You probably do as the revenue seem to treat it as 'first time claimer of mortgage interest relief' rather than first time buyer. They use your PPS to check if you have claimed before.
 
i think you were already a first time buyer in 1995 and can reclaim your trs back dated only 4 years /was 10 years but they changed it/so you put in a claim for past four years of payments ,should be 600 a year or there abouts ,then from when you get / or got your new home you clainm as a normal homeowner (eg not first time buyer ) which was 500 a year but 2007 is 600 a year if you have sufficant interest on your mortgage of course in both cases. ring revenues trs helpline on there site www.revenue.ie and have all the ammounts you paid in interest over the years with mortgage a/c numbers (get over the phone from lenders )they will tell u your entitlements ,you can apply online for refund and it takes 3 months .just in time for your holliers ! good luck !
 
thats great. I will get on to revenue. just wanted to check if i was entitled to anything at all at this late stage. Thanks!
 
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