Mortgage Interest Relief question

S

Sharky

Registered User
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I both my 1st house two years ago and I just wanted to ask those in the know if the new measures with regards interest relief affect me?
I both the house with my Girlfriend, we were both first time buyers and are owner occupiers.
Thanks in advance
 
Re: Mortgage Interest Relief question???

Yes, you are entitled regarding the new changes. It's the same for anyone who has been a ftb in the past 7 years.
 
Great. How will in notice this?
Are my monthly mortgage repayments going to come down slightly or what?
 
Previously you were probably getting up to €133.33 p.m. relief at source (your statement should clarify the amount that you actually received) in total whereas from 2007 you will be getting up to €266.67 for the next 6 years or so (assuming things don't change in a future budget). If you are paying less than €16K in interest annually then you will get less relief (again your statement should illustrate how much interest you are paying in a year)
 
Sharky said:
Great. How will in notice this?
Are my monthly mortgage repayments going to come down slightly or what?
Click to expand...


What kind of rate (fixed, variable, tracker etc) are you on?

ECB raised base rate yesterday, which implies a certain rise in tracker rates and a possibe rise in variable rates.

This could kick in before the benefit of increased TRS.

Bear in mind that €8,000/€16,000 is the maximum claim-you cannot claim for more than you actually pay. For example, if you pay €7,000 intrest per annum, your claim would be €1,400, if you pay €8,000 interest it is €1,6000 and if you pay €20,000 it is €3,200 etc.

There is also a better than average chance that ECB rates will rise again in the spring, which could wipe out the benefit of the increase in TRS ceilings.

Post crossed with ClubMan
 
Hi Guys, With repect to the bugetary increase for FTB's - will I need to contact the revenue commisioners myself with the details - or is this handled by the bank?
Thanks and regards,
 
I suspect that the increase will be granted automatically but contact your lender and/or Revenue to check especially if you don't see any change in the new year.

Post crossed with CCOVICH's.
 
How about if I am a FTB and decided to buy a second property and rent out the first one . Shall I still benefit of the increase in the mortgage interst relief ?
appreciate your reply
hak.
 
Your TRS transfers to your PPR (where you live). Buying an investment property doesn't impinge on your ability to claim. Of course, you can only have on PPR and one claim for TRS at any one time.
 
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