Paying lump sum to mortgage

[cityslicker]

Got a Mortgage of 125k over 18 yrs.House value 400k.Thinking of paying lump sum of 30k towards mortgage.Mortgage interest relief is 112 euro.How will this effect mortgage interest relief?Will I get less interest relief?

 

[ClubMan]

You can use Karl Jeacle's mortgage calculator to see the effects of such accelerated repayment strategies. You will most likely get less relief but that should not necessarily be an overriding factor - remember that only part of your repayment is interest (the rest is capital) and only part of it (in your case) qualifies for tax relief at 20%. In short the relief is marginal in the greater scheme of things. If paying a lump sum off your mortgage is the right thing for you otherwise then personally I don't think that the impact on interest relief should stop you.