maximising FTB mortgage interest relief

M

mamoe

Guest
Hi all,

We are a couple, FTBs and 3 years into our 25year 205k tracker mortgage.
We are in the lucky position to be able to overpay our monthly repayments.
Currently we pay 1,200€ per month and get ~160€ interest relief. I think
we are paying around 8,000€ interest per year. We are planning to increase
our repayments. Would the interest relief double if we would double
our repayments to 2,400€ because relief for two is currently given up
to yearly interest payments of 16,000€?

Thanks,
M.
 
No, because you're not paying more interest. You're just eating into the capital owed.
 
You would have your mortgae paid off in less than 10 years though which would save you a lot more in interest. If you can afford it, go for it.
 
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