Mortgage Interest Relief - Jointly owned property

[Beatrix]

Hi there,
I am a first time buyer and the person I have bought with is not. My partner has, however, sold her first property. I'm a little confused as to how the Mortgage Interest Relief works. Will the relief be calculated individually? i.e. Mine @ 20% up to 4000euro and hers at 20% up to 2500euro.

I would appreciate any enlightenment on this subject.
Thanks,
B.

 

[ClubMan]

Mine @ 20% up to 4000euro

No - up to €8K.

and hers at 20% up to 2500euro.

Depends on whether or not she previously used up her 7 (previously 5 years) years of FTB preferential relief? If not then she has whatever remains to go and will get relief on up to €8K too. If not then she will get relief on only the non FTB amount max. Basically you add the two maximum limits together and that is the maximum amount of interest on which you will get relief. You will both need to apply for relief.