TRS Query

[susie1]

I received a letter from PTSB yesterday, Interest paid 8568e for '08
TRS claimed was 1700approx.
Should the trs not be double as there are 2 'single' claimants?
Myself and bf are both on the mortgage, bought in 2004.

tks

 

[chris20051]

Susie,

It looks correct to me, your on Year 5 of your mortgage last Year, I believe it was 20% of Interest paid for TRS, so thats 8568 by 20% which is 1713.60euros or there abouts, offcourse I am open to correction

All the best

 

[PaddyW]

You're probably thinking that both of you should be entitled to 20% TRS each, but as you both borrowed the same money, it's 20% on the entire amount of interest paid between two of you. I hope that makes sense to you?

 

[jnh]

You would have to be paying more than €10,000 per year interest to realise the TRS benefits of having two people on the mortgage over what a single person would get. Right now, you are each paying €4250-odd interest per year and are each getting TRS on that amount. If you were paying €20,000 interest, you would each get TRS on €10,000, whereas a single person paying the same amount of interest would only get TRS on €10,000

 

[susie1]

thanks all for your quick responses,
so is there no benefit for 2 applicants claiming TRS, unless the interest is over 10k per annum?

 

[jnh]

thanks all for your quick responses,
so is there no benefit for 2 applicants claiming TRS, unless the interest is over 10k per annum?

Well there is insofar as you are both paying interest. If you are sharing a mortgage 50/50 and only one applicant claims TRS, I assume you'll only get it on half the interest paid. But yes, when you are both paying a combined interest of greater than €10,000 you will get more combined TRS that somebody who is the paying the same mortgage on their own.