As far as I can see, deposit rates are at an all time high vs mortgage rates so in pretty much all cases it makes very little sense to do it
Although you pay DIRT tax at 23% on deposit interest you would lose somewhere between 0%-25% (depending on year of mortgage, FTB etc.) on the corresponding Mortgage TRS relief.
Seeing as demand depsoiy rates of 3.5% are easily available,
I think it only makes sense even in the most extreme case (TRS = 0) if your mortgage interest rate is above 2.7%. In this case you shoul dbe looking to move provider anyway
Another major negative is if you pay off part of your mortgage early you may not be ale to remortgage it back if you need for say an event like losing your job.
If mortgage rates were to move above deposit rates, you could always make the decision to pay down the mortgage then.
Am I missing something here?
Although you pay DIRT tax at 23% on deposit interest you would lose somewhere between 0%-25% (depending on year of mortgage, FTB etc.) on the corresponding Mortgage TRS relief.
Seeing as demand depsoiy rates of 3.5% are easily available,
I think it only makes sense even in the most extreme case (TRS = 0) if your mortgage interest rate is above 2.7%. In this case you shoul dbe looking to move provider anyway
Another major negative is if you pay off part of your mortgage early you may not be ale to remortgage it back if you need for say an event like losing your job.
If mortgage rates were to move above deposit rates, you could always make the decision to pay down the mortgage then.
Am I missing something here?