does anybody know when the increased rate of trs will be applied to those mortgages taken out between 2004 and 2008 as outlined in the budget?? thanks in advance
Be careful though when you calculate your new TRS - they have increase the % but not the ceilings. So after seven years your ceiling reduces from €10,000 single / €20,000 joint to €3,000 single / €6,000 joint.
This means that if you bought in 2005 (like I did) then come Jan you are now entitled to 30% relief on interest you pay up to €6,000 (joint mortgage) of interest paid. I pay €16,000 in interest so at the moment I am getting 20% relief on the full amount of interest I pay. However, come Jan I go to 30% of the first 6K only - so the max relief I can get is €150 per month (I currently get €279).