calculate mortgage interest relief

brianb10

can someone please help me claculate my mortgage interest relief?
I have a €300,000 mortgage, brought 2004, first time buyer, was single at the time (bank don't know I'm married now, don't know if that makes a difference).
Mortgage 35 years.
I believe that means I'm entitled to 30% mortgage interest relief but how to you calculate the exact figure from that?

brianb10

Is this correct

€300,000 x 4.9% = 14,700 interest
30% of 14700 = 4,410 /12 = €367.50 per month????

allthedoyles

Did you try this :

http://www.mortgages.ie/index.cfm/spKey/first_time_buyers.tax_relief_calculator.html?mode=basic&go=go&buyer_type=First+Time+Buyer&term=35&amt=300000.00&status=Single&buyers=1&interest_rate=4.9

brianb10

I did alright but i'm not sure how it works because it doesn't ask me when i brought so how does it know if my mortgage interest relief in 25% or 30%?

allthedoyles

Every time one's circumstances change , then so do their entitlements .

You should first of all inform revenue of your marriage , and update your TRS .

The interest relief is capped , and you have more to gain by change in circumstances .

brianb10

I used that online calculator of mortgage interest relief but my calculations differ and I'm not sure why.

€300,000 at 4.9% interest rate for 35 years.
First time buyer.

They give the following figures
year 1 300,000 interest €14,300.58 annual tax relief €2500

By my calculations 4.9% of €300,000 is €14,700.
€2,500 relief on €14,300 is a mortgage interestrelief of 17%.
Where did they get that from?