Mortgage Int Relief, retrospective claim?

M

mollser

Registered User
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It is 7 weeks now since i've started my first time buyers mortgage, 2 payments have been made and the interest relief has not yet been deducted at source, despite submitting the appropriate request over 8 weeks ago.

Before I get into a rant about the inefficiencies of the civil servants responsible for this tardiness in notifying my lender, can the relief for my two payments be retrospectively reclaimed??

thanks
 
Yes you should get your outstanding relief retrospectively when they process your claim.
 
i will spare my rant about the civies for another day so,

thanks yet again Clubman :)
 
I'm in exactly the same position - started paying the mortgage in April and no releif yet. Rang revenue and they said it'd be credited to me when it happens.
 
Just to clarify, if your TRS claim is submitted midway through the tax year. When your TRS on your mortgage is granted to you, the full allowance will be divided equally between the remaining months of the year.
eg (very simplistic explanation here lads, so bear with me)
Per Month
Mortage Repayment Amount - €900
Interest Value - €500
If claim is submitted and granted in January then the TRS is €100 per month (20% of €500) so your monthly repayments are €800 to the bank.
If the claim is submitted in January and granted in July, then the TRS is €100 per month (20% of €500), but your previous 6 months paid in advance are refunded to you so your actual mortgage repayments are €700 per month until the end of the tax year.
Goodness I hope that makes sense to you!
 
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