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Mortgage Interest Relief - Self Build

HurlingBoy · 2012-10-04 13:02:20

I am building a new house at the moment. I am hoping to draw down as much of the mortgage as possible before the end of the year to take avantage of the the Mortgage Interest relief which end on 31st of December. The house will not be fully complete by then. I am wonder if the interest relief is on the drawdown or the…

04-10-2012 1:02pm

#1

HurlingBoy

Registered Users, Registered Users 2 Posts: 110 ✭✭

Join Date: September 2012

Posts: 80

I am building a new house at the moment. I am hoping to draw down as much of the mortgage as possible before the end of the year to take avantage of the the Mortgage Interest relief which end on 31st of December. The house will not be fully complete by then. I am wonder if the interest relief is on the drawdown or the payment.

e.g I pay my mortgage on the 20th of Nov and I have drawn down 50K so I get interest relief on the 50k
I pay my mortgage on the 20th of Dec and I have drawn down 100K so I get interest relief on 100k
Between the 20th of Dec and 31st I draw down another 50k but my next payment is on the 20th of Jan 2013 so the complete drawdown is 150K in 2012.
For the payment on Jan 20th 2013 do I get interest relief on the 150K or only the 100K?

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