Mortgage interest tax relief after renting home.

[landlord]

From budget 2024…​

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Mortgage Interest Tax Relief​

A new Mortgage Interest Tax Relief will be introduced for a year (12 months) for homeowners who had an outstanding mortgage balance of between €80,000 and €500,000 on their primary home on 31 December 2022.
The Mortgage Interest Tax Relief will be available on the increased interest you pay on your mortgage in 2023 when compared with the amount you paid in 2022. The tax relief on the increase will be 20%, which is the standard income tax rate. The relief will be capped at €1,250.

My home is now rented. How do I tell my bank that I am not eligible for this relief, while maintaining my PPR cheap tracker rate. I do not want to be pushed onto an investment rate.
Thanks.

 

[skrooge]

My home is now rented. How do I tell my bank that I am not eligible for this relief, while maintaining my PPR cheap tracker rate. I do not want to be pushed onto an investment rate.
Thanks.

You don't need to tell the bank anything. The new relief should not be confused with the old system. Last time everyone was entitled to MITR and it was applied at source. The latest version is much more targeted. Under the new scheme to have to apply to Revenue. So simply don't apply if you don't want to.