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Mortgage Relief

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  • 01-02-2008 8:10pm
    #1
    mirwillbeback
    Registered Users Posts: 2,004 ✭✭✭


    Hi,

    Does anyone know was motgage relief reduced for 2008 as my payments have gone up even though there is no rate change.:eek:

    Is anyone familiar with this?

    Thanks in advance


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    #2
    jdivision
    Registered Users Posts: 4,260 ✭✭✭jdivision


    mirwillbeback wrote: »
    Hi,

    Does anyone know was motgage relief reduced for 2008 as my payments have gone up even though there is no rate change.:eek:

    Is anyone familiar with this?

    Thanks in advance
    It was increased. How long have you owned your house? After seven years the amount you can claim is reduced.
    some banks have also increased rates despite their being no ECB rate change


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    #3
    Clytus
    Registered Users Posts: 471 ✭✭Clytus


    jdivision wrote: »
    It was increased. How long have you owned your house? After seven years the amount you can claim is reduced.
    some banks have also increased rates despite their being no ECB rate change

    was the increase limited to new business?...it was very small in some case 0.1% in some cases.


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    #4
    dakota2
    Closed Accounts Posts: 16 ✭dakota2


    My mortgage tax relief has also dropped by 3 euro a month. i know it is only a small amount but i want to know why my trs has been reduced. i have only had the mortagage 2 years


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    #5
    pigeonbutler
    Registered Users Posts: 666 ✭✭✭pigeonbutler


    Sounds like it's either the effects of the first 7 years being finished, or that the proportion of interest:principal in your repayments has reduced. The relief is on mortgage interest. Not mortgage payments.


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    #6
    eve
    Registered Users Posts: 427 ✭✭eve


    OP, have a look here http://www.mortgages.ie/tax_relief_calc.cfm

    I put in 400,000 over 25 years, 2 buyers, First time buyer into the calculator

    You can see just how much off your mortgage is being offset by interest. Unless your mortgage is huge, some time in the 7 years (when the higher amount of relief applies) you will find that the interest portion of what you are paying each month is less than the interest relief. At this point the amount deducted starts to reduce and the portion you pay starts to increase.


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