Key Post: Process of claiming mortgage interest relief.

S

sueellen

Guest
How long does it take for mortgage interest relief to be sorted out. We paid our first installment on 7th April and have sent in our TRS1 form.
 
Process of claiming mortgage interest relief

In my experience it can take 7 or 8 weeks.
 
mortgage interest relief

I have found these people very pleasant to deal with but it required all my patience and many phonecalls (and about 4 months) before the relief started coming in (and by then it was a relief!!). It was all back paid however.
 
mortgage interest relief

I have just taken out a mortgage and have just assumed the repayments were minus any tax relief taken out at source. I do not recall filling out a TRS1 form as part of the process.
On my approval letter it states a repayment installment figure. Does this include tax relief or do I have to fill in a TRS1 form now and send it away to get tax relief???
 
mortgage interest relief

Crow,

You must send in a TRS1 form for yourself and your partner, if applicable

You can download it from here

[broken link removed]

or it now seems that you can apply online

[broken link removed]
 
mortgage interest relief

Thanks MichaelL,
I still can't believe neither the bank nor solicitor or anyone at all told me I had to send off this form to claim tax relief onthe mortgage.

Appreciate the assistance. This site has saved me a fortune!!!!
 
Re: >> Process of claiming mortgage interest relief.

I am in the middle off filling out a TRS1 form. I'm also filling out a Claim for 2003 Mortgage Interest Relief. Do I need to fill out a 1 for 2004 as well??
Thank you.
 
Re: >> Process of claiming mortgage interest relief.

Do you mean that you missed out on relief for 2003 and 2004 and are only now filing a TRS1 and want to claim the outstanding relief? You can register for mortgage interest relief [broken link removed] if that's of any use. After that I would be inclined to simply write a letter to Revenue explaining what relief is outstanding (e.g. tell them when the mortgage started and include some supporting documentation) and let them sort it out that way. As far as I know the outstanding relief will be credited directly to your mortgage account with your lender.
 
Re: >> Process of claiming mortgage interest relief.

yes, I am only claiming now... (I know). Will I recieve much money back?
thank you for your reply.
 
Re: >> Process of claiming mortgage interest relief.

You can work out the maximum relief available in any year using [broken link removed] - e.g. joint first time buyers in the first seven years of their mortgage can expect relief worth €133.33 ((€8,000 x 20%) / 12 months) per month subject to them paying greater than or equal to the relevant relief limit in interest (€8,000) in that year.
 
Re: >> Process of claiming mortgage interest relief.

Ok you kind of lost me. That's why I nicknamed myself Clueless... I have filled out the forms and done what you suggested, a cover letter. Thanks again.
You mentioned that the outstanding relief will be credited directly to my mortgage account with your lender. Is this standard? I know of somebody that got the money to her own personal account, so she told me.
 
Re: >> Process of claiming mortgage interest relief.

The relief is quite straightforward. In the example above a couple jointly named on the mortgage can claim relief on a maximum of €8,000 interest paid each year. If they pay less than that then they only get relief on the lower amount. If they pay more they still only get relief on €8,000. Relief is granted at the standard income tax rate of 20%. So the maximum relief available in this case is €8,000 @ 20% = €1,600. This represents the equivalent of €1,600 / 12 = €133.33 into your hands each month (or more accurately a reduction of that amount in your mortgage repayments since the relief is granted at source by the lender).

I don't have any direct experience of claiming outstanding relief but others here have reported that since the introduction of owner occupier mortgage interest tax relief at source (i.e. at the lender rather than via tax credits/allowances) outstanding relief is credited to the borrower's mortgage account with the lender. But to be sure you should ask what way outstanding relief is dealt with in your letter.
 
Re: >> Process of claiming mortgage interest relief.

will do, thank you again and its a bit more clear to me now.
 
Back
Top