Interest relief on mortgage & top up- split or separate entitlements?

W

wexford

Registered User
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Hi,

I can't get an answer on the following - and yes, i have asked revenue..

as ftb, am getting interest relief on mortgage. The monthly amount for this is 66.66e i also have a top-up for home improvements, which is eligible for interest relief. The forms for both have been filled in and sent to revenue. However, revenue have simply split the 66.66e between both the mortgage and the top-up which means that i am not actually getting the full relief entitlement.

Can anyone clarify whether the tax relief should be split, as revenue have done, or am i entitled to full relief on the mortgage ie. 66.66e AND separate interest relief on the homeloan.

Many thanks,

regards
 
€66.66 is the maximum interest relief for a FTB, regardless of how many mortgages on the property.
 
the homeloan ( a top-up obtained to carry out home improvements) is not a mortgage. Anyone - whether they have a mortgage or not, is entitled to relief on a bank loan obtained to carry out improvements on their home...

what i don't understand is why i am getting normal ftb mortgage interest relief only, split between both mortgage and home improvement loan...
 
wexford said:
Anyone - whether they have a mortgage or not, is entitled to relief on a bank loan obtained to carry out improvements on their home...
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Yes, but only to the maximum relief available which you are getting.

wexford said:
what i don't understand is why i am getting normal ftb mortgage interest relief only
Click to expand...

Because the maximum relief is the total for all qualfying loans combined, not €66.66 per loan.
 
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