TRS - Tax Relief at Source

D

djsim

Registered User
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Hi guys,

I hope all are well on this lovely monday morning. Just a quick question regarding Tax relief. My house is nearing completion so I will be drawing down the mortgage in 2-3 weeks. Here is my questions:

Can we apply for TRS now and get all the paperwork out of the way before we are paying the mortgage or do you have to apply when you are actually paying the mortgage?

I am on the lower tax bracket (20% I think) and my girlfriend only works part time (20 hrs a week) Is she allowed any tax refielf cos she is paying hardly no tax? Do you have to be on the higher tax rate to be allowed the full TRS?

Thanks for all your help,

James.
 
Can we apply for TRS now and get all the paperwork out of the way before we are paying the mortgage or do you have to apply when you are actually paying the mortgage?
Click to expand...
You can apply now, your mortgage provider should have the forms or you can apply on-line see [broken link removed]

I am on the lower tax bracket (20% I think) and my girlfriend only works part time (20 hrs a week) Is she allowed any tax refielf cos she is paying hardly no tax? Do you have to be on the higher tax rate to be allowed the full TRS?
Click to expand...

You don't get tax relief. The revenue advise the mortgage company who then deduct TRS from your mortgage payment. Mistakes can be made so check the amounts being deducted by your mortgage provider. The first year expecially if there is only a few months left can see a high monthly TRS being deducted and a reduction in TRS from next jan. You won't necessarly see this, it will be done automatically in the background.
 
Thank you asdfg.

Am I right in saying myself am my girlfriend will have to apply seperately?

Thanks,
James.
 
Just on this - roughly how long does it take for an application for TRS to be processed??
 
Mine took approx 8 weeks. They do backdate to the time your mortgage is taken out so expect a smaller mortgage repayment once the TRS1 form has been processed.
 
Thanks for that - good advice to register for TRS ahead of closing once you have mortgage acc no etc as my solicitor gave me forms to do that - of course in the midst of everything I forgot but at least its backdated!
 
A little more info available at the following link. Might be handy for you:

[broken link removed]
 
With regard to TRS, I am on the Big Freeze with PTSB, as in I have the first 6 months off payment. What happens with TRS then?
 
mine only took two weeks to come through after I applied for it. I only applied for it, should my girlfriend apply for it too?
 
That is a question which I also like answered. I am going to apply for it via online for myself, should be girlfriend apply seperatly as well, or is there an option there for partners\joint buyers etc.

Thanks
 
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