niallkelly14
Registered User
- Messages
- 28
Hi Niall,
As you are FTB's and providing your still in the first 7yrs of your mortgage your relief is calculated as follows:
Your entitled to a maximum relief of €16k, providing your paying that amount in interest!
Because you are paying €12k interest you will not get the full relief.
The calc is as follows:
€12000 x 20% (lower tax band) =2400pa/200pm
It is determined by the amount of interest you pay, and the amount of interest you pay is determined by your interest rate.
The full relief is €16000 x20%=3200pa/266.66pm.
regards
Lillyellen
Yes - as ClubMan says, one form each. They'll associate both with the mortgage account. It's currently taking about four weeks for them to process forms, so the more promptly you do it the better.Can I ask - We are both single and are drawing down our mortgage within the next 3 weeks - Do we each need to apply for mortgage interest relief from the revenue? How long does it take to get put in place?
thanks
B
Freudian slip!ClubMan - martial status?
Yes - as ClubMan says, one form each. They'll associate both with the mortgage account. It's currently taking about four weeks for them to process forms, so the more promptly you do it the better.
ClubMan - martial status?
you can apply for relief now but i would advise you dont,
i did before i drew down my mortgage which was january and im still waiting on relief,i have been on to revenue and bank asking when i will get it and i was told that because i applied for it before we drew down that it takes longer to process your application.
so i would advise that you hold off.
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