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mortgage interest relief

  • 13-06-2011 9:28pm
    #1
    Jayden Poor Shortchange
    Posts: 0 ✭ Jayden Poor Shortchange


    can someone please explain it to me im buying a house for 82k my repayments will be 300 per month of with 200 of it interest im a 1st time buyer and im buying by myself so could i get the interest relief and roughly how much? thanks


Comments

  • #2
    Jayden Poor Shortchange
    Posts: 0 ✭ Jayden Poor Shortchange


    tnynll wrote: »
    can someone please explain it to me im buying a house for 82k my repayments will be 300 per month of with 200 of it interest im a 1st time buyer and im buying by myself so could i get the interest relief and roughly how much? thanks
    can anyone help?


  • #3
    MickDundee
    Closed Accounts Posts: 22 ✭MickDundee


    There are 7 years to the First Time Buyers status
    Years 1 & 2 the rate is 25% of the Interest paid (up to a ceiling of €10,000 for a single person)
    Years 3, 4 & 5 the rate is 22.5% of the Interest paid (up to a ceiling of €10,000 for a single person)
    Years 6 & 7 the rate is 20% of the Interest paid (up to a ceiling of €10,000 for a single person)
    After that you have the non First Time Buyers status
    Which is 15% of the Interest paid up to a ceiling of €3,000 (single person)

    The maximum Mortgage Interest Relief for 1st time Buyers in Year 1 is 25% of the single person ceiling of €10,000=€2,500
    Or the Interest paid in Year 1 (Jan – Dec) up to the €10,000 ceiling x 25%

    e.g If you pay €200/mth interest, that equals €2,400 Interest paid in a full 12mth period
    €2,400 x 25% = €600 Mortgage Interest Relief for Year 1 (or €50/mth over a 12month period)

    You will need to apply online using the following link
    http://www.revenue.ie/en/online/mortgage-interest-relief.html


  • #4
    j@utis
    Registered Users, Registered Users 2 Posts: 3,065 ✭✭✭j@utis


    sorry for bringing the old thread up but how long does it usually takes for mortgage relief to get sorted? I applied on revenue website a good month ago I haven't heard anything back yet :(


  • #5
    darlett
    Registered Users, Registered Users 2 Posts: 2,316 ✭✭✭darlett


    Hi J@utis, I wouldnt panic just yet-saw this on the revenue site today, seems to answer your question.

    "How long does it take after I apply before I get my mortgage interest relief?
    It can take a period of up to 8 weeks for mortgage interest relief to be applied to your mortgage by your lender, as your mortgage details have to be processed by Revenue and advised to your lender in advance. Please note that it may take longer to apply mortgage interest relief if you have switched or consolidated loans. (Where you apply during the year in which you take out the loan, your lender will pay any arrears due to you in that year.)"

    http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html


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