families with mortgage difficulties

[bond-007]

I see this as a measure to placate those against NAMA and the banks' bailout.

 

[spreadsheet]

Does anyone know if there has been any further developments with this Budget 2010 announcement?

 

[Papercut]

The only development I'm aware of is that the extension will apply to everyone & not just people who are in negative equity (which is what I was originally told by Revenue), which seems fairer & makes more sense.

Presumably the Finance Bill will make things a lot clearer when published.

 

[GreenQueen]

The only development I'm aware of is that the extension will apply to everyone & not just people who are in negative equity (which is what I was originally told by Revenue), which seems fairer & makes more sense.

Presumably the Finance Bill will make things a lot clearer when published.

Not very helpful if your entitlement ran out on the 1st of Jan 2010!

 

[Rusty Cogs]

So to clarify, if you bought your house in 2003 your tax relief expires on Dec 31st 2009 and no further relief is granted under any circumstances. If bought in 2004 or later and your relief will run 7 (tax) years and then a further relief up to 2017 as per the Finance bill.

That right ?

 

[Papercut]

So to clarify, if you bought your house in 2003 your tax relief expires on Dec 31st 2009 and no further relief is granted under any circumstances. If bought in 2004 or later and your relief will run 7 (tax) years and then a further relief up to 2017 as per the Finance bill.

That right ?

Yes, that's it!

http://www.citizensinformation.ie/c...a-home/buying-a-home/mortgage_interest_relief

 

[Rusty Cogs]

Just to confirm my misfortune, I take it if you traded up in the interveening years (2006) and bought a new apartment, thus carrying on your TRS until Dec 31st 2009, you still get nothing out of this ? Good thing I like my neighbours.

 

[WaterSprite]

Just to confirm my misfortune, I take it if you traded up in the interveening years (2006) and bought a new apartment, thus carrying on your TRS until Dec 31st 2009, you still get nothing out of this ? Good thing I like my neighbours.

No, I think you still get TRS on the 2006 mortgage for 7 years from the date you first took it out. You just don't get FTB rates of TRS after the first 7 years from the first mortgage. So, from year 8 (dating from first mortgage), you get 15% on up to €3,000 (single person allowance) up to 2012.

 

[deeheg]

Do you know what i think, that was last years Budget god knows what will happen next year extra and maybe not worry so much and wait, we get too many sleepless nights worrying ..

 

[Rusty Cogs]

No, I think you still get TRS on the 2006 mortgage for 7 years from the date you first took it out. You just don't get FTB rates of TRS after the first 7 years from the first mortgage. So, from year 8 (dating from first mortgage), you get 15% on up to €3,000 (single person allowance) up to 2012.

Interesting !

From the Finance Bill "...the ceiling of qualifying interest for all these qualifying loans will be €6,000 in respect of married or widowed persons and €3,000 for others (irrespective of whether the borrower is a first time buyer or not a first time buyer)"

So for the new apt. I bought in 2006 (traded up from my first purchase in 2003) I get a €3,000 max relief in 2010 (tax year 8 from 2003) ?

How do I know if I've got a 'qualifying loan' with 'qualifying interest' and how do I calculate how much of the €3,000 I'm entitled to relief of ?

(thanks for the answers thus far all)