Mortgage Interest Relief shared owners

[finty]

Hi,

I bought a apartment with a friend last year. I'm a first time buyer but friend has another house for about 7 years. I applied for TRS and its being lodged back in our joint account. This relief is mine or both of ours? I'm confused as the relief is mine but the bank is on about it being applied to the property as a whole? Any ideas?

 

[ClubMan]

Assuming you are both owner occupiers (if not then owner occupier mortgage interest tax relief is irrelevant to one or both of you) - you as a FTB receive of 20% of €8K p.a. interest max while if the other person has used up their 7 years FTB relief period already then they receive 20% of €3K p.a. max. So jointly you get relief on a maximum of €11K p.a. interest. If you acually pay less than this then you jointly get relief on the amount actually paid. If you are getting the maximum relief then 20% of €8K is "yours" and €20% of €3K is "theirs". You both have to apply to get your respective relief.