There is less than 3 months left before mortgage interest tax relief (TRS) will be abolished on new mortgages in Ireland .
Any Mortgages taken out on or after 1 January 2013 will not qualify for any mortgage interest relief. This was announced in Budget 2012 back in December 2011.
On a Mortgage of €180,000 – that tax relief could be worth about €7500 up to 2017 when TRS is stopped for everyone .
It is important to note that just getting mortgage approval before the end of the year will not be enough to qualify for the tax relief. Buyers will need to draw down the mortgage before December 31 2012 in order to qualify.
If you are in the process of buying a house – you should make sure your solicitor is working hard to get things moving. Any delays could be very costly.
I understand as you say above that I need to draw down a mortgage before 31 Dec to qualify for trs.
I am doing a self build and will be drawing down in stages.
Is there a way I can get relief on the whole.mortgage or will I just get relief on the small amount I will actually draw down in 2012?