Tax Relief at Source- Mortgage Interest Relief

Gally05

I have a query on Mortgage Interest Relief, I am currently in the process of a Mortgage application with Ulster Bank which should be approved in writing by the end of next week. My query is on the Mortgage Interest Relief itself - is this being abolished as of 31/12/2011. I am a first time buyer/Mortgage holder and I expect to be drawing down the first part of my mortgage in early January. I have checked the website(revenue.ie) but I am unclear as to where I stand on the interest relief
Can anybody shed any light on this ,
Much appreciated

Gally05

I've answered my own question !!!

Mortgages taken out from 1st January 2004 to 31st December 2011, subject to qualifying mortgage criteria, are eligible for mortgage interest relief until 31st December 2017.

Mortgages taken out from 1st January 2012 to 31st December 2012 will be entitled to mortgage interest relief at the reduced rates of 15% for first time buyers and 10% for non first time buyers, on the first €3,000 interest paid per individual.

Mortgages taken out after 31st December 2012 will not qualify for mortgage interest relief.

Mortgages taken out prior to 1st January 2004 are no longer eligible for mortgage interest relief. However, top up loans/equity release loans taken out since 1st January 2004 on these pre-2004 loans may be eligible for mortgage interest relief, provided they adhere to eligibility criteria as listed above.

rudboy

Hi, just checked my mortgage acc. this morning and its gone up as the tax relief has gone down:mad:, is this a cheeky move by the government on christmas eve to bring it down before bringing in the higher rates in January for people who bought in the boom ( i'm one of them)??

rameire

its just the revenue report prob has not fed into the mortgage systems yet.
i believe the banks usually send off the report around the 20th of the month and they come back within a week, so they should be updated at the end of the month for january.

Pataman

I am with Ulster and they are the second dearest for mortgages. You should think long and hard before you get stuck for 20/25 years. Also they are not covered ny the Irish bank guarantee scheme so are therefore outside what Matthew Elderfield calls "his control"

my 2c worth