Brendan Burgess
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Update from PapercutI have been on to the Revenue Helpline 1800314414, & was informed that this definitely only applies to people who find themselves in negative equity.
If you took out your mortgage in 2005, then your mortgage interest relief will stop after seven years, unless you find yourself in negative equity, in which case you can apply for it to be extended.
They are not sure of what the exact process will be as yet, but obviously each case will be assessed on an individual basis.
Mortgage Interest Relief
Qualifying loans taken out before 1 July 2011 will continue to get relief for 7 years. Transitional measures will be provided for qualifying loans taken out between 1 July 2011 and end 2013.
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.
Abolition of the relief entirely by end 2017.
Mortgage Interest subsidy to be reviewed in new year
If you took out your mortgage in 2005, then your mortgage interest relief will stop after seven years, unless you find yourself in negative equity, in which case you can apply for it to be extended.
They are not sure of what the exact process will be as yet, but obviously each case will be assessed on an individual basis.
Mortgage Interest Relief
Qualifying loans taken out before 1 July 2011 will continue to get relief for 7 years. Transitional measures will be provided for qualifying loans taken out between 1 July 2011 and end 2013.
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.
Abolition of the relief entirely by end 2017.
Mortgage Interest subsidy to be reviewed in new year