construct_06
Registered User
- Messages
- 129
but if you got over those hurdles would it be worth my while as there is huge gains to be gotten from the interest relief but not if your not maximising it and it runs out after 7 years..
I would like to ask a question on this topic please.
My partner and I took out a 282000 mortgage over 30years with PTSB in Dec '05.
We have gone about switching to NIB (going through at the moment). Rather than save the few bob each month we are reducing the term (from 29years to 22 years).
I never considered the interest relief implications of reducing the term. Currently we get about €190 interest relief at source a month. If we reduce the term by 7 years thereby reducing the interest we're paying each month, will our interest relief amount go down as well?
Thanks
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