Query on Calculation of Mortgage Interest Supplement

[gipimann]

The general formula for calculating mortgage interest supplement is as follows:

1. Calculate total weekly income - this can be SW payments, part-time earnings, assessed savings or other property.

2. Subtract the SWA rate for the family size from the total weekly income. This is the income in excess. As a guide, SWA rates and full-rate JA/JB rates of payment are the same (€204.30 for a single person)

3. Calculate the weekly interest on the mortgage.

4. Entitlement is calculated as - weekly interest on mortgage minus income in excess minus minimum contribution (€24).

If the amount reached at no 4 is positive, then that's the entitlement, if it's negative, there is no entitlement.

There may be other factors which affect entitlement - if the interest is considered very high, then entitlement (if any) may be based on a lower amount rather than the full interest paid, or if there's a non-dependant adult child residing, they are expected to contribute towards the mortgage as well.

 

[senni]

Re: How to calculate Mortgage Interest Supplement:

is there any chance you could do that calculation as im confused.

Brother receiving 417 per week for him, his wife and 3 kids..no other income
mortgage interest weekly is 120 ( lucky he has a tracker )

Does he qualify ?

 

[gipimann]

Re: How to calculate Mortgage Interest Supplement:

senni,

If there are no savings, investments or other sources of income, it would appear that your brother may qualify. The SWA rate is the same as Jobseeker's (417 pw), so he would just be required to pay the minimum contribution of €24 per week, and if the interest is €120 then the supplement would be calculated as 120 - 24 = 96 euro per week.

Your brother should apply at the CWO office in his local health centre, where a detailed calculation will be carried out.

 

[senni]

Re: How to calculate Mortgage Interest Supplement:

gipimann

Thank you, Appreciate same

Senni