Calculating Mortgage Interest Relief

[Nanor]

hi,

I am struggling to explain how the interest relief is applied to my mortgage payment.

according to the calculator at [broken link removed]

I should get get relief of 175 euro on my 35 year mortgage of 212500 at 4.05%.

But for some reason the other day, the payment of 945 went out, but a credit of 480 came back in as my relief.

Does this make sense to anyone? I'm not complaining but I will be if they spot that they made a mistake and come looking for the money back!!

 

[rameire]

when did you draw down the mortgage?
how many are on the mortgage?
is it your first mortgage?
had you received trs up to this point or did you recently just apply for it?

 

[Nanor]

1 person, first mortgage, first payment, about 2 months since draw down.

 

[rameire]

ok, your estimated interest for the year would be around €8606.00
im not sure if this repayment was for December or for November,

if it was for November the following applies
you prob drew down around August
your estimated interest for the partial year is around €3840 just over 5 months interest
so trs would be year 1 which is 25% of €3840 = €960
but as you are only receiving trs for the last two months the trs is divided by 2 so €480 per month for november and december

if it was for December the following applies
you prob drew down in October
your estimated interest for the partial year is around €1920 just around 3 months interest
so trs would be year 1 which is 25% of €1920 = €480
so as you are only receiving trs for one month your trs is the 480.

next year you will receive trs at a rate of €179.20 per month

 

[Nanor]

I see... thanks a mill rameire, the second scenario you outlined is the one that applies to me (payment in December).