Mortgage TRS question

grahamo

Registered User
Messages
169
Hi all, I just found out I am not receiving mortgage TRS on my mortgage. I was receiving it until 2009 then it stopped???
I purchased my house in 2006 with a new mortgage. (Not a 1st time buyer) I Previously bought an apartment in 2000.
Am I still entitled to mortgage TRS? I've looked at the revenue website and its a bit confusing. I was entitled to it for 7 years but was that 7 years from 2006 or 2000 when I got my 1st mortgage?
 
Hi Grahamo

You can claim TRS from 2006 to 2017 but not at first time buyer rates (I am in a similar position although I have claimed it from the start).

I would imagine that if you are taxed under PAYE then you have missed out on 2006 relief due as you can only claim back for 4 years (if not PAYE then it's 4 years from date return was due, so effectively 5 years).

This says you must claim for prior years online (link is under point 4)
 
It might be best to ring the Revenue and enquire as to why it stopped. I bought a house in 2006 (also not a first time buyer) and was also receiving TRS up until the end of 2009. When I rang the Revenue early last year to enquire as to why it had stopped, they explained it was because the rates had changed for non-first time buyers since the 2010 Budget, and since they were unsure as to whether I was a first-time buyer or not, they stopped the benefit. They did re-instate it on foot of my phone call but it was a major reduction to what I had been getting previously.
 
Thanks for the help everyone. It turns out I am still entitled to interest relief even though I'm not a 1st time buyer as I bought at the peak between 2004 and 2009. Its at a lower rate of 15% but its better in my pocket than theirs. It seems all non first time buyers had there mortgage interest relief cancelled in 2009 while they worked out who was entitled to it. The only thing is I have to apply all over again.