Mortgage Interest Relief Changes
In relation to changes for 1st May 2009 the following is the position
Revenue will only authorise the payment of TRS through the lenders where it is satisfied that entitlement to TRS exists.
First Time Buyers
First Time Buyers who are within the first seven years of their mortgage will continue to get the relief automatically until the end of the 7th year of their mortgage.
Non First Time Buyers
Revenue is working closely with the relevant lenders to identify these accounts and the amount of loan in respect of which TRS is payable under the new rules. Where Revenue is in a position to decide with certainty from the information provided by the lender that an account holder is entitled to TRS then this account will be reactivated for TRS by Revenue.
In the case of non First Time Buyer accounts where it is not clear that they are entitled to TRS, and for whom insufficient information is available to determine entitlement Revenue will write to the account holder during the month of May requesting the necessary information. A prompt reply will ensure that where there is an entitlement to TRS then TRS will be restored and TRS credited to the account. Where Revenue decides, on the basis of the information provided by the account holder that the account holder is entitled to TRS then the payment of TRS will be reactivated by Revenue and any arrears of TRS credited to the account.
TRS for Non First Time Buyers who are clearly no longer eligible for TRS, is not payable from 1st May.
Unless you receive a letter from Revenue you do not need to do anything.