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Mortgage interest relief for newly married

  • 07-08-2009 9:01pm
    #1
    mattym
    Registered Users, Registered Users 2 Posts: 228 ✭✭


    I bought a house in my own name 5 years ago and got married 18 months ago. I have been told that we are intitled to have our mortgage relief doubled now since we're married even though my wifes name is not on the mortgage. Is this true and if it is, can it be back dated and how do we go about getting it done?


Comments

  • #2
    leeroybrown
    Closed Accounts Posts: 7,563 ✭✭✭leeroybrown


    It's not quite as simple as 'doubled'. Your mortgage interest relief has been applied from the calendar year when you bought the house until now and runs out after seven years. Her mortgage interest relief will be applied from the start of the year in which you married and will also last seven years. Assuming you're both first time buyers this will mean that this year the combined ceiling for relief will be €20,000. The maximum level of relief available will also be the combination of the two but will be different figures for both of you as you're both at different years in the relief scale. For example, if it was year five and year two it would be €2,250 (22.5%) + €2,500 (25%) = €4,750, assuming that you pass the €20,000 ceiling. The good news about this is also that when your own mortgage interest relief runs out soon she'll still have a number of years left to use against the mortgage.

    It's very important to note is that these figures are additive, meaning that the total mortgage interest being paid will need to be high enough to make use of both ceilings.

    You can backdate claims for up to four years using form TRS1P. You'll need to make the backdated claim for 2009 in 2010.


  • #3
    leeroybrown
    Closed Accounts Posts: 7,563 ✭✭✭leeroybrown


    One additional thing I'll add, is that you should check whether you're actually any better off with her TRS at all. If you're not currently paying enough interest to make good use of her additional ceiling then you might look into whether you're required to apply it from the year of marriage or not. I don't know whether you are or not but if not then you could delay it in order to get a couple of extra years at the end after yours runs out. It's worth looking into...

    I took a quick look on the Revenue site and they have a fairly informative page on the subject.


  • #4
    mattym
    Registered Users, Registered Users 2 Posts: 228 ✭✭mattym


    Fair play to ya Leeroy, thats very helpful. I'll look into that so. Thanks again...


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