I read in the Independent during the week (Tuesday's Money I think) that for the purposes of Mortgage Interest Relief, that a First time buyer is still a First time buyer even if they sell their first PPR to upgrade to a new PPR as long as it falls within the first 7 years. So will continue to benefit to a max relief of €3,200 as opposed to €1,200.
Is this accurate? Thanks.
They will continue to be eligible for the max relief for the seven year period, yes. Covered lots here on AAM.
Whether or not they recieve €3200 (or €1200) depends on the specific mortgage and the interest being paid, but yes, chances are (given the mortgage is less than 7 years into its term and will still have high interest) they will recieve the €3200.
I came into a lump sum and paid off my FTB mortgage after 1 yr in 2006.
If I trade up in 2007 and get a new mortgage, will I have mortgage relief for the balance of the 7 year term which I didn't use, or is the clock still running on my 7 years ?
If I trade up in 2007 and get a new mortgage, will I have mortgage relief for the balance of the 7 year term which I didn't use, or is the clock still running on my 7 years ?
It's seven years from the date of the initial purchase. Doesn't matter how many times you change PPR, if you sell and rent for a few years... it's still seven years from the first purchase that the FTB rate is available.