TRS - joint mortgage - one FTB and one second time buyer

M

Mary_K

Registered User
Messages
27
First Time Mortgage
4,000 euro single person
8,000 euro Widowed/Married

Other Mortgages
2,540 euro single person
5,080 euro Widowed/Married



Above, is what I understand the upper limits to be for single and married people respectively Mortgage Interest Relief/Tax Relief at Source. I bought bought with my boyfriend (he was a FTB) and I had a previous mortgage on my old PPR which I cleared. We both filled in the online form - I didn't tick the FTB box; - he did. We submitted the forms separately. I have just called my mortgage provider and they have told me my allowance for the remainder of the year. They seem to have allowed us the 8000 minus what I used up on my old mortgage. Is this correct? Have they allowed me too much? Should it have been 2540 less what I used up + 2540 (for my boyfriend)? Thanks in advance.
 
Chances are it's correct. I only recently learned (here on AAM - see here for example) that you can claim FTB TRS for the full 7 years even if you buy another PPR in the meantime and even if there are gaps in your qualification for FTB TRS (e.g. when moving abroad for a while or when clearing a PPR mortgage as you did). I always thought that this only applied to the first (or subsequent if switching lenders) mortgage on one's first PPR. Seemingly not!
 
is the higher rate of mortgage interest relief applicable to your first property if you have a mortgage, or your first mortgage? i.e i take it it wont apply if you bought your first property without a mortgage and then wanted to trade up but needed a mortgage to do so (it would be your first mortgage but you wouldn't be a ftb!)
 
Your 'FTB' status appears to be irrelevant-you can claim relief at 'FTB' rates from 7 years from the date of the first TRS claim.
 
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