Will we be able to claim full mortgage interest relief?

[shoppergal]

hi There,

Can anyone help.

Seven years ago my parents bought a house and for various reasons at the time my name was put on both the mortgage and the deeds. Neither my parents or I have ever claimed mortgage interest relief.

My boyfriend and I have now bought a house. Boyfriend is a first time buyer but does anyone know would I be classed as one?

Also, how do you calculate how much interest relief you get?

Thanks

 

[ClubMan]

My boyfriend and I have now bought a house. Boyfriend is a first time buyer but does anyone know would I be classed as one?

I believe that you are not for stamp duty purposes but you are for mortgage interest relief purposes (or at least can claim 7 years worth if you didn't claim any relief in the past) but ask your solicitor perhaps?

Also, how do you calculate how much interest relief you get?

Two FTBs buying together ger relief at 20% on a maximum of €8K interest each or €16K jointly p.a. This translates into a maximum relief of €16K @ 20% / 12 months = €266.67 p.m. off your mortgage repayment. If you pay less than €16K interest in any year then you get relief at 20% on the lower amount actually paid. After your 7 years of FTB relief expires then you revert to lower rates of relief. You can estimate your annual mortgage interest bill using Karl Jeacle's mortgage calculator.

 

[shoppergal]

thanks so much clubman for the help. i really appreciate it.