Mortage Interest Relief info.

[Stig]

I had resigned myself to the fact that I was going to loose the mortgage interest relief tonight from midnight as I've had mortgages nearly 10 years but I was listening to Newstalk today and they had a guy on from revenue and it seems I was mistaken.

The interest only goes on a "new" or current mortgage you have on your house now. It does not matter if you took out your first mortgage 10 years ago and traded up 3 times in the years, it works on when you took out your current mortgage which in my case is 3 and a half years ago! FANTASTIC - I still got 3 and half more years relief to get!

[Midlifecrisis]

what a relief

[leamyj]

Thank God I'm near the end of my mortgage...that will be SOME relief

Think I'll throw a party when that's done

John

[Steve]

From what date does it apply?
"A friend of mine" is looking seriously at changing bank in May.. (current FTB mortgage on year 4), have heard (from revenue via todayfm) that they will not get relief immediately but will have to pay until revenue get their act together (How they'll prove its a FTB mortgage and whether people have changed lender remains to be seen..), then pay it retrospectively.

Fab.

[leamyj]

Irish Solution to an Irish Problem

[Stig]

It applies from today.
But if you take out a mortgage from next month it don't matter, he'll/she'll still qualify on a new mortgage but just for the next 7 years from when the loan date start. However, the minister of finance said he's going to phase out relief in the future so it'll probably be gone nxt year.

Re; Revenue; they say the have no details on over 200,000 people with mortgages and are workin with lenders to get all the details in order to ensure the relief is in place. If not, your pal could contact revenue direct to ensure they get the relief. I have in the past and they we very helpful.