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  #1  
Old 06-12-2011, 05:05 PM
Brendan Burgess Brendan Burgess is offline
 
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Default Mortgage interest relief/ TRS increased for FTBs from 2004 to 2008

Mortgage Interest Relief

The Government is committed to helping address the particular problems faced by those that bought homes at the height of the property boom between 2004 and 2008. Therefore, I am going to fulfil the commitment in the Programme for Government to increase the rate of mortgage interest relief to 30 per cent for first time buyers who took out their first mortgage in that period.


I am also confirming the decision made by my predecessor that mortgage interest relief will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018.



For those who wish to buy a home in 2012, I am providing today that:
  • First time buyers will get mortgage interest relief at a rate of 25 per cent rather than the 15 per cent proposed by the previous Government; and
  • Non-first time buyers will benefit from relief at 15 per cent instead of the reduced rate of 10 per cent proposed by the last Government.
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  #2  
Old 06-12-2011, 08:10 PM
AnnQuinn
 
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How can I calculate what this will mean to my monthly mortgage repayments?
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  #3  
Old 06-12-2011, 08:41 PM
Declan_M
 
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i bought house as an FTB in 2004, relief was reduced to 36pm at start of year, what does this mean for me? any examples i heard on radio where for someone who bought in 2007 and is still getting full relief,,
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  #4  
Old 06-12-2011, 09:55 PM
rameire rameire is offline
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The Below details are from the old budgets which were in play and will be until 31/12/2011.
Year 1 & 2 at 25% Ceiling 10,000
Year 2 & 3 & 4 at 22.5% Ceiling 10,000
year 6 & 7 at 20% Ceiling 10,000
all years thereafter at 15% Ceiling 3,000 Ending 31/12/2017
If you topped up or purchased in the last 6 years and were receiving TRS at the rate of 15%, you will continue to receive TRS at the rate of 15%.
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  #5  
Old 06-12-2011, 09:58 PM
rameire rameire is offline
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so, all first time buyers since 2004 will see an increase
my rate will be going from 20% to 30% woo hoo.
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  #6  
Old 06-12-2011, 10:54 PM
djh djh is offline
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Am I right in thinking that that for a single person the new 30% with a ceiling of 10,000 euro translates to a max relief of 3000 per year?

(figures double for a married couple?)
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  #7  
Old 06-12-2011, 10:58 PM
rameire rameire is offline
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yes
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  #8  
Old 07-12-2011, 05:34 PM
djh djh is offline
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Quote:
Originally Posted by djh View Post
Am I right in thinking that that for a single person the new 30% with a ceiling of 10,000 euro translates to a max relief of 3000 per year?

(figures double for a married couple?)


Does anyone know if the new 30% relief will have a 10,000 ceiling for each year up until 2017?
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  #9  
Old 07-12-2011, 05:37 PM
NorfBank NorfBank is offline
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Quote:
Originally Posted by djh View Post
Does anyone know if the new 30% relief will have a 10,000 ceiling for each year up until 2017?
Yes.
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  #10  
Old 07-12-2011, 05:38 PM
deeheg deeheg is offline
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Declan, I did also but the reason i get full relief I think is that I was interest only, therefore capital not going down? maybe that reason?
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  #11  
Old 07-12-2011, 05:52 PM
djh djh is offline
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Quote:
Originally Posted by NorfBank View Post
Yes.
This is great news.

Have you come accross anything from Revenue/Finance confirming it?
Only thing I was able to find was not clear and seemed to say that the ceiling would drop after a person's 7th year and run at a reduced ceiling until 2017.

Thanks.
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  #12  
Old 07-12-2011, 06:26 PM
NorfBank NorfBank is offline
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http://www.askaboutmoney.com/showpos...64&postcount=2
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  #13  
Old 07-12-2011, 10:33 PM
djh djh is offline
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Hmmm, taking a look at that link, but it says
"After years 7, the rates and thresholds for relief are as for non-first time buyers."
Which would indicate that the ceiling ill drop to 3000 from 10000 in year7 and beyond.
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  #14  
Old 07-12-2011, 10:49 PM
rameire rameire is offline
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this revenue.ie page
this page on the revenue is good.
some one else found it, but it explains all
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  #15  
Old 07-12-2011, 11:02 PM
DerKaiser DerKaiser is offline
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Hi djh, this is the definitive link, some posts above send you on a wild goose chase
http://www.finance.gov.ie/documents/...IRinfonote.pdf
Here was my analysis - I think it's right
http://www.askaboutmoney.com/showpos...6&postcount=20
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  #16  
Old 07-12-2011, 11:20 PM
djh djh is offline
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Cool, thanks DerKaiser.
That clears it up.
30% of a 10k up to your 7th year. Then 30% of 3k until 2017.
Double for married/civil partners.
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  #17  
Old 21-03-2012, 12:02 PM
munchy munchy is offline
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I posted elswhere asking about the logistics of this - how do we avail of this - do we approach our mortgage lender or do we contact revenue?
The EBS adjusted my repayments when it learned that I was no longer living in the apartment and renting it out, but wonder if I should write to them to reinstate my status as a primary ftb? I bought in 2005
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  #18  
Old 21-03-2012, 01:33 PM
rameire rameire is offline
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if you are not residing in your property you are not eligible for the trs.
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  #19  
Old 04-04-2012, 08:23 AM
Emma1980 Emma1980 is offline
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Has anyone got this yet??
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  #20  
Old 04-04-2012, 08:36 AM
peteb peteb is online now
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No. With Ulster Bank and can't see it happeneing for at least another 2 months.
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