interest supplement

superbad50

hi can anyone tell me roughly how much the government contribute to the interest part of your mortgage .
my situation is

recently made redundant , claiming social welfare . i pay 550 euro per month on interest on my mortgage . i have started the process of applying just wondering did anyone know roughly how much this will be

cheers people

Firefox10

I would also be interested in this as I am soon to be made redundant. My morgtage repayments are allready quite small so I dont think I would be entitled to much anyway.

snubbleste

There are stringent criteria, if you qualify you'll have to pay €24 per week yourself. The rest will be paid.

Otherwise i don't know

Citizens Information: Graham

Hi all



the Mortgage Interest Supplement is means-tested - the outcome of the means test decides how much the payment will be. It is designed to make sure your income doesn't fall below the rate of Supplementary Welfare Allowance (SWA).

In the means test, the Community Welfare Officer (CWO) will add together all your income which is assessable. The CWO will then subtract any income that is not taken into account and subtract the rate of Supplementary Welfare Allowance. Your remaining income and the minimum household contribution (€24) are added together to find your contribution to your mortgage interest.

The Mortgage Interest Supplement payable to you is generally the difference between your actual mortgage interest and your contribution to the mortgage interest.

There is a step by step guide to calculating Mortgage Interest Supplement here: http://www.citizensinformation.ie/categories/social-welfare/social-welfare-payments/supplementary-welfare-schemes/calculating-mortgage-interest-supplement

You can also find out more on the DSFA website here: http://www.welfare.ie/EN/OperationalGuidelines/Pages/swa_mort.aspx

Graham Long
Citizens Information

superbad50

thats not bad so basically if my interest is 550 , ile subtract 24 x 4 = 96 .
subtract 96 from 550 and thats what they pay . god didnt think was that much .
tnx lads

Firefox10

Thanks Graham. I'm currently working on my budget for when I am being let go from my job at the end of the year at the moment so i'll look into those websites. Cheers for that.

Citizens Information: Graham

Hi superbad50


calculating the amount of Mortgage Interest Supplement is tricky because it involves taking all your income, finding the assessable income, subtracting the relevant rate of Supplementary Welfare Allowance (SWA), adding a minimum contribution, then deducting the total of all these steps from your actual mortgage interest payments.

There are also many qualifying conditions for Mortgage Interest Supplement. You can find out more about these here: http://www.citizensinformation.ie/categories/social-welfare/social-welfare-payments/supplementary-welfare-schemes/mortgage_interest_supplement

Graham

superbad50

thanks very much graham for the link and also the advice , kind of have it figured out . either way the amount entitled to is a lot greater than previously thought .

cheers