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Actual saving from Mortgage Interest relief

cruhoortwunk · 2012-08-14 19:07:08

Quick question on Mortgage Interest relief. I know it only applies to properties bought before the end of the year, and applies for 5 yrs from that. But what is the actual relief - is it all interest paid on a mortgage, or some fraction of that? I know there's an individual cap of 3000 a year and 6000 for a couple. I don't…

14-08-2012 7:07pm

#1

cruhoortwunk

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Quick question on Mortgage Interest relief. I know it only applies to properties bought before the end of the year, and applies for 5 yrs from that. But what is the actual relief - is it all interest paid on a mortgage, or some fraction of that?
I know there's an individual cap of 3000 a year and 6000 for a couple.
I don't find the revenue.ie site very useful in explaining it.
I found this site that calculates the rate, but what are the savings calculations based on?
http://www.mortgages.ie/index.cfm/spKey/first_time_buyers.tax_relief_calculator.html

Feel free to move this to the property board if I am in the wrong place.

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