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Mortgage Interest Relief

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  • 25-01-2008 10:17am
    #1
    seaner
    Registered Users Posts: 382 ✭✭


    Hi there,
    not sure if anyone can help me but....
    I'm trying to work out the TRS i should be receiving on my mortgage...and i'm baffled.

    At the moment the ceiling that a single person can pay in interest is 10,000 (first time buyer). My girlfriend and I are single. We are first time buyers and yet we are only receiving half the full amount of Mortgage interest relief.

    The max a single person can receive it 166.66 per month.

    We're currently getting 190 euro. I'm just no sure why we don't get the full amount ( 2 x €166.66 = €332).

    I've asked our mortgage lender what the projected interest to be paid for 2008 is and she said it was €11000. So we're actually over the ceiling of 10k.

    Does anyone know if the TRS is calculated first for me using the 10k interest paid, does that mean then they won't apply this 10k to my partner, in order to work out her relief amount?

    Thanks


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    #2
    anonymousjunkie
    Registered Users Posts: 219 ✭✭anonymousjunkie


    All I can tell you is that myself and my sister have a place between us and we get about 315e into our joint account every month. Would be worth contacting the revenue, have a look at revenue.ie for the relevant contact details.


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    #3
    seaner
    Registered Users Posts: 382 ✭✭seaner


    Just rang the TRS helpline, they don't open till 9-30! I rang at 9.31 and I was estimated to be in a queue for 5 mins! :mad:

    Anyway lady was very helpful, so I understand fully now why i'm only getting my 190 instead of full amount. Its all down to the interest you pay, and becuase my loan is over 20 years (most people now have they mortgage over 30 - 35 years) it basically means i pay alot less interest than other people. So i'm basically get a certain fraction of what the full amount it.
    Ceiling for myself and 10k + 10K (partners ceiling) makes 20000. Now we are only paying 11k in interest for 2008 so basically its 11/20'ths of the total trs.

    I THINK thats what she said!


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