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Change in mortgage rates - TRS changed?

  • 10-03-2011 1:26pm
    #1
    galah
    Registered Users, Registered Users 2 Posts: 2,215 ✭✭✭


    Hi all,

    can't find any info on the revenue site (and won't be able to ring AIB until I get home), so maybe someone here knows.

    We've just come off one fixed rate for our mortgage and are now going onto another, slightly higher one (repayments increase by 100/months). Will AIB automatically inform revenue of the increased interest repayments, and thus adjust TRS automatically, or do I have to do anything?

    And actually, on that topic - how does that work if you're on a variable rate? Is the tax relief adjusted monthly when the rates go up?

    Cheers!


Comments

  • #2
    rainbowtrout
    Registered Users, Registered Users 2 Posts: 15,397 ✭✭✭✭rainbowtrout


    You don't have to do anything with TRS. It will adjust accordingly as your interest rate changes.


  • #3
    delly
    Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 7,730 Mod ✭✭✭✭delly


    There is a maximum TRS per month, so an interest rate increase will very likely have no effect on your TRS as your probably claiming the max per month as possible.


  • #4
    galah
    Registered Users, Registered Users 2 Posts: 2,215 ✭✭✭galah


    nah, as far as I know we're not at the max (limit is 20 k interest per year for married people according to revenue, we're nowhere near that), but good to know that it's adjusted automatically for us!

    cheers!


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