mortgage interest relief

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capitalj

Guest

• 12 Nov 2009

• #1

I am making my first repayment on my mortgage on dec 1st , so come the 31st of dec when the tax year is up , does that count as the first year of my relief ,or does my relief run for 84 montly repayments , if so is there any way round it

 

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woodbine

Registered User

Messages

442

• 12 Nov 2009

• #2

capitalj said:

I am making my first repayment on my mortgage on dec 1st , so come the 31st of dec when the tax year is up , does that count as the first year of my relief ,

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yes. The same happened to us. as far as i'm aware there is no way round this.

 

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capitalj

Guest

• 12 Nov 2009

• #3

if i dont make my first repayment tll jan ,i wonder would that work

 

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WaterSprite

Registered User

Messages

1,309

• 12 Nov 2009

• #4

I think it depends on date of drawdown, not date of first payment.

 

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capitalj

Guest

• 13 Nov 2009

• #5

The house is still under construction , and the mortgage is being drawn down in stages so would i just loose the relief on the amount dwawn down before jan 1st and would i still have seven years relief on the last part drawn down to finish the house ?

 

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mystry4all

Registered User

Messages

216

• 13 Nov 2009

• #6

So it means capotalj will loose 1 whole year for the mortgage relief? i think the same will happen with me....I am just close to get my keys of the house and then the mortgage will start may be from december...

 

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Panther1967

Guest

• 19 Nov 2009

• #7

According to The revenue website, First Time Buyers who are within the first seven years of their mortgage will continue to get the relief automatically until the end of the 7th year of their mortgage. This is effective from may '09.