Hi all,
I got an answer from revenue. If I top up before December 31st, it would just be considered year 3 of my FTB mortgage, and hence attract relief until 2017. However, if I top up in 2013, it will attract no relief at all.
The way I see it, if I top up by 100k prior to 31st Dec, at 4%, for 20 years, the relief will be approx:
Year: interest @ rate = relief
2013: €3928 @22.5% = 883
2014: €3792 @22.5% = 853
2015: €3650 @20.0% = 730
2016: €3502 @20.0% = 700
2017: €3349 @15.0% = 502
So a total relief of about €3670. Are those figures correct?
So, what do you think? Should I go full steam ahead, finalise my plans ASAP, get costings, and try to get approval, and draw down before 31st Dec, or should I take my time, work with the tenders, and do it right? I'm leaning towards the latter when I look at the actual relief versus the cost of my project.