TRS - Tax Relief

D

djsim

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Hey guys, my first post. Just want to say this site is really usefull and I use it as a reference all the time, should have registered earlier really.

I just have two quicks questions for you, really appericate your input.

1) I am taking a mortgage with TSB for 170,000 for 35 years. I am buying with my partner. I am quoted 66.67 a month for tax relief combined. Does that sound about right for two people? The two of us are on the lower tax bracket.

2) The bank is looking for a valuation report before they can complete the application but the house I am buying isint even built yet. In fact, the foundations are just laid. How do you go about getting a report if the house isint completed?

Thank you for help,
James.
 
Re: TSR - Tax Relief

(1) You can claim (a couple/two single people) a maximum of €8,000@20%=€1,600, which breaks down as €133.33 per month, or €66.67 per person.

(2) Separate topic, but we had to do the same and get a follow up valuation when the apartment was complete.
 
Thank you for your input CCOVICH much appericated. I know your one in the bank made an error as 66 a month for two people isint much at all
 
The valuer bases the valuation on the property on completion ie the price you are paying for it. Valuations are the biggest joke ever. The valuer only confirms to the lender that the purchase price is equal to the value of the property.

At the end of the day the value of a property is how much someone is willing to pay for it.
 
thanks Hel_n, but I dont really understand why do you have to get a report if it is a new property in a housing estate. Surley I could go to the Estate agent and get something stamped.

Another way to make more money I suppose, charging 130 for nothing
 
The lender wants independent confirmation that the property is suitable as collateral for the loan. Many lenders will waive the valuation fee if you haggle.
 
I will give it ago, although the one that I am dealing with isint the most approachable person:)
 
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