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mortgage relief?

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  • 06-12-2011 7:30pm
    #1
    Ghandee
    Closed Accounts Posts: 6,653 ✭✭✭


    Guys, I thankfully (depending what way you look at it) fall into the new mortgage relief category.

    Bought in 2006, first time buyer etc etc...

    Apparently I now qualify for the new 30% mortgage relief.

    Can someone please explain what the hell this mans to me, what will I see at the end of each month? (as in savings)
    I'm hoping that it means if for arguments sake, my mortgage is 1000 a month, 30% of a grand is three hundred euro, i'm hardly that lucky though......


    Lay mans terms please..... Some of you lot that understand financial stuff please explain it to me.

    Ta


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    #2
    chin_grin
    Closed Accounts Posts: 10,808 ✭✭✭✭chin_grin


    Means you becomes a mortgage fluffer. Relieve that mortgage. Durty.


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    #3
    El Weirdo
    Registered Users Posts: 11,646 ✭✭✭✭El Weirdo


    It's 30% of the interest part of your repayment. Not the principal.


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    #4
    Dubba
    Registered Users Posts: 895 ✭✭✭Dubba


    No its mortgage interest supplement, so just the interest part of your monthly mortgage repayments is supplemented by 30%... ASAIK


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    #5
    El Weirdo
    Registered Users Posts: 11,646 ✭✭✭✭El Weirdo


    Dubba wrote: »
    No its mortgage interest supplement, so just the interest part of your monthly mortgage repayments is supplemented by 30%... ASAIK
    Mortgage Interest Supplement is completely different. That's a social welfare payment.


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    #6
    arybvtcw0eolkf
    Closed Accounts Posts: 24,878 ✭✭✭✭arybvtcw0eolkf


    chin_grin wrote: »
    Means you becomes a mortgage fluffer. Relieve that mortgage. Durty.

    Why not give the OP a break, a lot of people are interested in straight answers to budget issues.

    Best of luck OP I'm not in that bracket 'nor am I struggling, but I've lots of yours in your position.


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    #7
    Dubba
    Registered Users Posts: 895 ✭✭✭Dubba


    El Weirdo wrote: »
    Mortgage Interest Supplement is completely different. That's a social welfare payment.

    Sorry your right I meant Mortgage Interest Relief

    http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/mortgage_interest_relief.html


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    #8
    El Weirdo
    Registered Users Posts: 11,646 ✭✭✭✭El Weirdo


    Plenty of info here, OP.

    http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/mortgage_interest_relief.html

    http://www.revenue.ie/en/online/mortgage-interest-relief.html

    Bear in mind that they probably haven't been updated to reflect today's changes though.


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    #9
    starbelgrade
    Closed Accounts Posts: 20,739 ✭✭✭✭starbelgrade


    Ghandee wrote: »
    Guys, I thankfully (depending what way you look at it) fall into the new mortgage relief category.

    Bought in 2006, first time buyer etc etc...

    Apparently I now qualify for the new 30% mortgage relief.

    Can someone please explain what the hell this mans to me, what will I see at the end of each month? (as in savings)
    I'm hoping that it means if for arguments sake, my mortgage is 1000 a month, 30% of a grand is three hundred euro, i'm hardly that lucky though......


    Lay mans terms please..... Some of you lot that understand financial stuff please explain it to me.

    Ta


    You probably already get mortgage interest relief of 25% which is taken off at source by the bank. You should be entitled to another 5% which is probably in the region of about €500 per year - though that is just a guesstimate.

    It's definitely not a huge amount either way.


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    #10
    djfattony2000
    Registered Users Posts: 725 ✭✭✭djfattony2000


    It means the rest off us who didnt buy a house in that period will be paying for your house. Enjoy it!


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    #11
    Dubba
    Registered Users Posts: 895 ✭✭✭Dubba


    I moved into my house & started my mortgage repayments in Jan 04.
    I wonder what the cut off is, as I started stage payments in 2003.
    I hope I qualify for this, it would be a big help!


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    #12
    El Weirdo
    Registered Users Posts: 11,646 ✭✭✭✭El Weirdo


    starbelgrade wrote: »
    You probably already get mortgage interest relief of 25% which is taken off at source by the bank.
    I was just thinking that and wondered why the OP wouldn't have heard about it before.

    Not wishing to attack the OP personally, but it really seems to be quite indicative of the cavalier attitude so many in this country had during the boom times towards what is one of the most important financial decisions you will ever make, that this question even had to be asked in the first place.


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    #13
    starbelgrade
    Closed Accounts Posts: 20,739 ✭✭✭✭starbelgrade


    djfattony2000 wrote: »
    It means the rest off us who didnt buy a house in that period will be paying for your house. Enjoy it!

    I see from your previous post history that you went to college then spent some time on the dole.

    Who do you think paid for that?

    Taxation and the re-distribution of tax is meant to be for the benefit of society in general & it does that by helping people in particular, from education to social welfare to housing.

    You can't take benefits from the state with one hand and then smack others who get them in the face with the other hand. That just reeks of cynicism.


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    #14
    Ghandee
    Closed Accounts Posts: 6,653 ✭✭✭Ghandee


    djfattony2000 wrote: »
    It means the rest off us who didnt buy a house in that period will be paying for your house. Enjoy it!

    I'm paying for my own fcuking house thank you very much.
    And i'm working bloody fcukin hard to do so.

    So your lucky enough not to be in negative equity?

    Good for you, i'm terribly sorry though for being born a few years to late. :rolleyes:


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    #15
    djfattony2000
    Registered Users Posts: 725 ✭✭✭djfattony2000


    starbelgrade wrote: »
    I see from your previous post history that you went to college then spent some time on the dole.

    Who do you think paid for that?

    Taxation and the re-distribution of tax is meant to be for the benefit of society in general & it does that by helping people in particular, from education to social welfare to housing.

    You can't take benefits from the state with one hand and then smack others who get them in the face with the other hand. That just reeks of cynicism.

    I've never been on the dole...


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    #16
    Guill
    Registered Users Posts: 3,331 ✭✭✭Guill


    Can anyone explain this relief plan in full? For those of us who have had their heads buried in the sand for the last few days.....:o


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    #17
    starbelgrade
    Closed Accounts Posts: 20,739 ✭✭✭✭starbelgrade


    djfattony2000 wrote: »
    I've never been on the dole...

    Apologies. I misread one of your posts.

    However, the fact still remains that before you entered the workplace, from the time of your birth in the hospital to the time you left college, much of your life & activities would have been subsidised in some way by the taxpayer.

    That's how tax systems & societies work.


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    #18
    djfattony2000
    Registered Users Posts: 725 ✭✭✭djfattony2000


    Apology accepted.

    This is after hours though. People shouldn't get so defensive.


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    #19
    starbelgrade
    Closed Accounts Posts: 20,739 ✭✭✭✭starbelgrade


    Guill wrote: »
    Can anyone explain this relief plan in full? For those of us who have had their heads buried in the sand for the last few days.....:o

    You get tax relief on the mortgage interest you are paying, up to a certain limit and depending on the loan & your personal circumstances.

    If you aren't sure if you are getting relief, register with PAYE Anytime & you'll find out there.

    If you're not claiming it, then you can do so there and also claim for the previous four years.

    There's lots of info on the Revenue website about it.


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    #20
    stovelid
    Closed Accounts Posts: 27,252 ✭✭✭✭stovelid


    Your lender should be taking it off your mortgage at source already. Didn't you know this already?

    Nice to see the basic AH model of discourse on economic issues applies: namely if it benefits others and not me, I want it scrapped.


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    #21
    starbelgrade
    Closed Accounts Posts: 20,739 ✭✭✭✭starbelgrade


    djfattony2000 wrote: »
    Apology accepted.

    This is after hours though. People shouldn't get so defensive.

    Just because it's After Hours doesn't mean that you can be offensive either.


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    #22
    El Weirdo
    Registered Users Posts: 11,646 ✭✭✭✭El Weirdo


    stovelid wrote: »
    Your lender should be taking it off your mortgage at source already. Didn't you know this already?
    You still have to apply to Revenue. I did anyway.


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    #23
    Super-Rush
    Registered Users Posts: 19,473 ✭✭✭✭Super-Rush


    Try

    http://www.boards.ie/vbulletin/forumdisplay.php?f=861
    or
    http://www.boards.ie/vbulletin/forumdisplay.php?f=1196


This discussion has been closed.
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