Brendan Burgess
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How can they police negative equity claims. Surely the value of a house is impossible to gauge in a dead market.
I realise that Brendan, thanks.That is not my analyis. That is the extract from the Budget Summary....
How can they police negative equity claims. Surely the value of a house is impossible to gauge in a dead market.
Can someone clarify the mortgage interest rate thing a bit more?
Those whose entitlement to relief would, in the absence of this change, expire in 2010 or after, will continue to qualify for relief at the applicable rate up until end 2017.
Does this mean that if your mortgage interest rate is due to expire in e.g. 2012, it will now be extended to 2017? Or does it mean that if your 7 years are not yet up, you'll be allowed claim until they are up?
I just don't see the logic in this. I'm not complaining, but what does negative equity have to do with anything?
The only time negative equity is an issue is if you're planning to move house, in which case you'd lose the entitlement to the relief anyway (don't you?).
I can see that the relief is extended in light of the fact that interest rates will go up next year, I think this pretty much confirms it. It also seems to confirm that the we'll expect some tough times with interest over the next few years. I just don't get why it's being hung on negative equity.
Well neighbours have sold their houses at less than what was paid for them so does that count? I think our house is worth about 10-15k less than what our mortgage is for (we took out a 92% mortgage). But our tax relief isn't due to end until 2011 meaning we might have regained the value currently lost. The minister said for those who find themselves now in negative equity so will be interested to see the details. This is kind of like the "where's my nama?" people have been searching for.
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