Joint TRS query

Hi folks, wondering if anyone can clarify our TRS for us.

My wife bought our home in 2006 with a friend. In 2008 when we got married I bought the friend out. Our capital amount is 218k at a tracker of 1.65%. I've noticed interest relieved has dropped from c.€115 to €89.

I can't seem to work out the figures. By my reckoning I'm in year 6 of my relief and my wife is now in year 8 of interest relief. Could anyone let me know the exact ceilings and rate of % of relief for each of us and what impact the extension of interest relief from 2012 to 2017 has for us.

Thanks in advance,

D

was the friend taken off the mortgage,
and were you added to the mortgage with the bank.

Yes. The house was sold and my wife and I got a new mortgage for them property in both our names.

D

the correct amount of trs is being paid.

218,000 * 1.65% = 3597 interest per year

3597 * 30% = 1079.10 trs per year

1079.1 / 12 = 89.92 trs per month.

your wife has a trs ceiling of 3,000
you have a trs ceiling of 10,000
total is 13,000

but as your interest is less than the ceiling, the ceilings are not relevant at this time.
in 2015 your ceiling will reduce to 3,000
you wife will still have a ceiling of 3,000
the total ceilings of 6,000 will continue until the end of 2017

Thanks for that. Why the drop then if our interest wasn't reaching the ceiling?

D

because your interest charged has reduced.
the ecb reduced in July/ August by 0.25%
and assuming you are paying capital and interest your mortgage balance at the start of last year would have been at least 10,000 higher.

also, your bank would not have implemented the 30% trs until April or june, meaning the trs for the second half of the year in 2012 would have been higher than the first half as it would have to catch up on the underpayment of trs.