Mortgage Interest Relief

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Bryan99

Registered User
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I have a mortgage with PTSB and have deferred the first four months of my payments till next August. I have applied for my Mortgage Interest Relief but have not hear anything back. When do I get this relief and how will it reflect on me deferring the first four months worth of payments? Will it all be backdated and applied in August?
 
Mortgage interest relief is deducted at source. Say your mortgage repayments are €800 pm and you are entitled to €50 pm interest relief, your monthly repayment should be €750. Your TRS will not be backdated as you haven't been making repayments and therefore won't have paid any interest until your first repayment.
 
Thanks for the replies.

I applied to the Revenue approximately two months ago. While I have not made any payments yet the bank is charging me for deferring the first four months. It works out as an extra €10 a month I think. Surely, since the mortgage cheque has been drawn down and paid to the builder I should be entitled to interest relief from that date (last March)as opposed to my deferred payment date (August)?
 
I know that it can take a few months to come through. I was in the tax office for something unrelated in January and the guy at the desk said his took 6 months...thankfully mine was applied after about 2
 
You will get relief on the extra amount you are paying each month(i.e 20% of the interest on the extra €10 per month). You get tax relief on the interest on your mortgage repayments, they can't give you this if you haven't been making any repayments yet.

It wouldn't do any harm to contact the Revenue to see if your TRS is set up for when you do start to make repayments though as it can take some time. This can, however, be backdated.
 
The TRS works on the back of the 'payment'.

Whether you get TRS or not because of no payments or whatever the glitch system wise is, this does not stop you from making a claim.

In any event, most people pay more interest than the thresholds so there shoud not be a problem
 
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