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Mortgage interest relief query

  • 05-04-2013 9:52am
    #1
    Rokc10
    Registered Users, Registered Users 2 Posts: 8 ✭


    Hi,

    Current situ - getting MIR at 30% due to buying apartment in 2006 and living in it since, so will be entitled to this rate until 2017 if we stay put.

    Myself & husband are actively looking to buy a family home. Anyone know if we would be entitled to any MIR. I think i remember hearing we would be entitled to 20% up until 2017.

    Thanks in advance.


Comments

  • #2
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Rokc10 wrote: »
    Hi,

    Current situ - getting MIR at 30% due to buying apartment in 2006 and living in it since, so will be entitled to this rate until 2017 if we stay put.

    Myself & husband are actively looking to buy a family home. Anyone know if we would be entitled to any MIR. I think i remember hearing we would be entitled to 20% up until 2017.

    Thanks in advance.

    MIR was abolished on the 31/12/12 so you would not be entitled to MIR on your existing mortgage if it becomes a rented property. You will also not receive any MIR on your new mortgage on the new home.


  • #3
    Rokc10
    Registered Users, Registered Users 2 Posts: 8 ✭Rokc10


    Thanks for your reply Killers. That will make a huge difference to our outgoings.

    Is there anyway around this?


  • #4
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    Rokc10 wrote: »
    Thanks for your reply Killers. That will make a huge difference to our outgoings.

    Is there anyway around this?

    its a max of what €75 a month at your capped rate. Hardly a huge change in outgoing tbh.

    but no there is no way around it.


  • #5
    Rokc10
    Registered Users, Registered Users 2 Posts: 8 ✭Rokc10


    It works out at €300 a month that Revenue are paying, this is based on a variable interest rate.


  • #6
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Rokc10 wrote: »
    Thanks for your reply Killers. That will make a huge difference to our outgoings.

    Is there anyway around this?

    Unfortunately there's no legitimate way around it.


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  • #7
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    Rokc10 wrote: »
    It works out at €300 a month that Revenue are paying, this is based on a variable interest rate.

    Thats not possible if you bought in 2006.

    You can get a max of 30% on a capped €3,000 of interest or 6,000 if your married. Basically 166 euro approx a month max.

    If you bought in 2006 and revenue / your bank are giving you 300 quid a month you are going to owe them back a fair whack when they realize they are overpaying you.

    http://www.revenue.ie/en/tax/it/reliefs/tax-relief-source-mortgage-rates.html you need to read the table in this link.


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