Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Mortgage Interest Relief

  • 24-01-2012 10:24am
    #1
    Eircom_Sucks
    Registered Users, Registered Users 2 Posts: 3,193 ✭✭✭


    hey i bought back in 2005 and sold house and bought again in 2007

    i bought the house on my own and borrowed €305

    i was getting around €100 per month in interest relief , but now its €60 a month , i was under the impression that it was to be increased a tiny bit and not decrease

    maybe im wrong but can anybody clarify this for me please


Comments

  • #2
    Proposition Joe 1
    Closed Accounts Posts: 3 ✭Proposition Joe 1


    i hear that!

    Bought in 2007 & was getting about €85 per month MIR until the government announced the extra relief for us struggling shafted home owners. Now i'm getting about €70 per month MIR.

    I may not be great at maths but it seems i'm worse off than i was before?

    WTF? Can any one shed some light on this problem? Do i need to apply for the 30% interest relief rate?


  • #3
    copacetic
    Subscribers Posts: 16,617 ✭✭✭✭copacetic


    Eircom_Sucks wrote: »
    hey i bought back in 2005 and sold house and bought again in 2007

    i bought the house on my own and borrowed €305

    i was getting around €100 per month in interest relief , but now its €60 a month , i was under the impression that it was to be increased a tiny bit and not decrease

    maybe im wrong but can anybody clarify this for me please

    You are right, it should have gone up a bit but went down. There is a thread on accom and property re this.

    The banks apparently weren't set up to apply the increased relief but should be next month. Why it went down I couldn't say. Annoying.

    Edit - thread here
    http://www.boards.ie/vbulletin/showthread.php?t=2056502247


  • #4
    Eircom_Sucks
    Registered Users, Registered Users 2 Posts: 3,193 ✭✭✭Eircom_Sucks


    copacetic wrote: »
    You are right, it should have gone up a bit but went down. There is a thread on accom and property re this.

    The banks apparently weren't set up to apply the increased relief but should be next month. Why it went down I couldn't say. Annoying.

    Edit - thread here
    http://www.boards.ie/vbulletin/showthread.php?t=2056502247

    do you know if its backdated ??? i was deducted 40 euro but do i get that back and more ???


  • #5
    Toblerone1978
    Registered Users, Registered Users 2 Posts: 684 ✭✭✭Toblerone1978


    Eircom_Sucks wrote: »
    do you know if its backdated ??? i was deducted 40 euro but do i get that back and more ???

    You are entitled to your full tax credit for the year. If the bank will back-date it or not, only they probably knows.

    If they don't, you can claim it from the Revenue after the year is finised.


  • #6
    Sin City
    Registered Users, Registered Users 2 Posts: 2,375 ✭✭✭Sin City


    Toblerone1978 wrote: »
    Eircom_Sucks wrote: »
    do you know if its backdated ??? i was deducted 40 euro but do i get that back and more ???

    You are entitled to your full tax credit for the year. If the bank will back-date it or not, only they probably knows.

    If they don't, you can claim it from the Revenue after the year is finised.
    Apparently it was.in the budget that mortgage relief was deducted or so the cwo claim


  • Advertisement
  • #7
    copacetic
    Subscribers Posts: 16,617 ✭✭✭✭copacetic


    Eircom_Sucks wrote: »
    do you know if its backdated ??? i was deducted 40 euro but do i get that back and more ???

    You will get your entire years relief in 2012 is how revenue put it.
    Do I have to make a claim to Revenue for the new 30% rate of tax relief?
    A. No. Revenue and your lender will make the changes. For administrative reasons this will take a period of time to complete but you will not lose out – you will get the full relief due to you in 2012.
    From here http://www.revenue.ie/en/press/budget/2012/mortgage-interest-faqs.pdf

    However I didn't notice you bought in 2005, that means that although your relief goes up to 30% this year, your ceiling goes down to 3k rather than 10k. They didnt extend the relief period beyond 7 years. So you may not actually be due an increase on last years, although will be better off than if change had not been made.

    See rates ceilings here
    http://www.revenue.ie/en/tax/it/reliefs/tax-relief-source-mortgage-rates.html


Advertisement