DarlingBri
Registered User
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- 4
In 2008, my husband I took out a 40 year mortgage for €120,000 (I think) and the interest rate is ECB rate + 1%. For the past year, the rate has been steady.
We qualify based on the date of this mortgage for Mortgage Interest Relief at 30% until 31 December 2017.
I have just looked at our online mortgage statement and it is saying:
Payment: €431.37
Tax relief (77.09)
Direct Debit: €354.28 (this is my mortgage payment)
But... 30% of €431.37 is €129.41 which would make the mortgage payment €301.96, right? Is there something I'm not understanding about this? Is mortgage interest relief capped?
I would appreciate being set straight here so I will know what I'm about if I do indeed need to ring our mortgage company.
Thank you.
We qualify based on the date of this mortgage for Mortgage Interest Relief at 30% until 31 December 2017.
I have just looked at our online mortgage statement and it is saying:
Payment: €431.37
Tax relief (77.09)
Direct Debit: €354.28 (this is my mortgage payment)
But... 30% of €431.37 is €129.41 which would make the mortgage payment €301.96, right? Is there something I'm not understanding about this? Is mortgage interest relief capped?
I would appreciate being set straight here so I will know what I'm about if I do indeed need to ring our mortgage company.
Thank you.