TRS and Switching Mortgage

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FiveFingers

Registered User
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Hi Folks,

We're currently switching mortgage and our new provider has sent us (a married couple) out a TRS form to complete.

One of the questions is: "Is this your first home mortgage loan?"

This is our second loan on our first property, we were both FTB when we bought our house. How does this affect our TRS amount?

There is an explanation on the back of the form re "What is my ceiling?" But I don't understand this. Are we still FTBs and entitled to the married ceiling of 8000 or are we now only entitled to the ceiling of 5080?

Thanks
 
Contact Revenue - while this is not your first mortgage I think that they make allowances for people who are FTBs and who switch mortgage providers on the first property purchased by allowing them to retain their FTB status and claim the higher rates of owner occupier mortgage interest relief.
 
Hi Clubman,

Thanks for that. I rang Revenue and they said that we are still entitled to the FTB status for the remainder of the seven years, regardless of switching to a different lender.

Regards
FiveFingers
 
I thought that they would deal with this situation in that way even though this is strictly not your first mortgage. Otherwise they would be penalising people who shop around for the best deal. I wonder if this is explicitly specified somewhere?
 
Thanks Clubman. Just for anyone else reading, don't ring the Revenues regional local no's. They have a seperate office dealing with it on

1890 46 36 26

<EDIT> Looks like theres no need to bother with the above. Just go to www.revenue.ie -> scroll down to bottom of page -> click on 'Mortgage Interest Relief at Source' -> fill out form and your done.</EDIT>
 
Last edited:
ClubMan said:
I thought that they would deal with this situation in that way even though this is strictly not your first mortgage. Otherwise they would be penalising people who shop around for the best deal. I wonder if this is explicitly specified somewhere?
Click to expand...
i think the definition of ftb is satisfactory, because as long as it is your first property (no matter how many mortgages you had) you are entitled to FTB TRS within the time limit
 
Yes - the post above from me was made before other clarified the situation. In fact it doesn't even need to be your first property. Once you start qualifying for the FTB rate then you have 7 years of it thereafter regardless of changes to your mortgage or property ownership status.
 
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