Maximising Mortgage interest relief

Shaz

Registered User
Messages
206
Hi,
My husband and I bought our house (main residence, non first time buyer) in 2004. So as I understand it, our mortgage interest relief is at 15% with ceiling of €6000 annually til Dec 2017.

We have a tracker mortgage at 2.15% interest rate, still owing approx €217k with 17 years to go on the mortgage. The rate has been reduced due to the ECB rate decrease, but we did not reduce our monthly repayments because we thought that we could then repay our mortgage in a shorter period.

My question is: When we did not reduce our monthly repayments in line with the ECB rate decreases, are we in effect not maximising our mortgage interest relief?

Thanks.
 
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