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Mortgage Interest Relief went down??

  • 04-01-2014 9:57pm
    #1
    woodoo
    Closed Accounts Posts: 5,219 ✭✭✭


    Did anyone else's mortgage interest relief go down this month. Was it a change in the budget.


Comments

  • #2
    Mongfinder General
    Registered Users, Registered Users 2 Posts: 1,992 ✭✭✭Mongfinder General


    woodoo wrote: »
    Did anyone else's mortgage interest relief go down this month. Was it a change in the budget.

    Did you buy in 2007?


  • #3
    L1011
    Registered Users, Registered Users 2 Posts: 71,186 ✭✭✭✭L1011


    The interest element of your payment would usually be calculated annually. If there's less interest there's less MIR.


  • #4
    woodoo
    Closed Accounts Posts: 5,219 ✭✭✭woodoo


    Mongfinder General wrote: »
    Did you buy in 2007?

    Yeah i took out my mortgage in 2007


  • #5
    gaius c
    Registered Users, Registered Users 2 Posts: 3,528 ✭✭✭gaius c


    Are you in arrears?
    If so, have a read.


  • #6
    The_Morrigan
    Registered Users, Registered Users 2 Posts: 9,368 ✭✭✭The_Morrigan


    Right unfortunately because of the Boards.ie outage yesterday all the replies were lost. So to summarise;

    * anyone who bought between 2004 & 2008 will receive TRS until 2017
    *after year seven the cap will kick in (6k for couples & 3k for individuals)
    * from January 2014 lenders have been instructed to pay relief on the actual interest paid, so this will affect anyone who is in arrears or in a debt repayment schedule
    * sometimes there are fluctuations in the TRS at the beginning of the tax year, these tend to balance out in the following month or two.


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  • #7
    tigershould
    Registered Users, Registered Users 2 Posts: 545 ✭✭✭tigershould


    Are there any tips to get the most out of TRS?

    eg. Is it a bad idea to overpay mortgage (and reduce interest) while still eligible for TRS?


  • #8
    woodoo
    Closed Accounts Posts: 5,219 ✭✭✭woodoo


    gaius c wrote: »
    Are you in arrears?
    If so, have a read.

    No thankfully i am not in arrears or negative equity. I built a good house for a very reasonable amount of money. But money would be a little tight so i notice any little change in money coming in or going out.


  • #9
    aeriora
    Registered Users, Registered Users 2 Posts: 3 ✭aeriora


    Hi, I wonder if you could help me.

    My partner and I (both first time buyers) bought a house in december 2012 and took a mortgage of 250k. In 2013 the relief was 300 euro, since January 2014 it is 230euro, it's quite a big jump. Is this how it's supposed to be or is it a (hopefully) wrong miscalculation somewhere? Do I need to call revenue and ask them?

    Thanks for any replies.


  • #10
    The_Morrigan
    Registered Users, Registered Users 2 Posts: 9,368 ✭✭✭The_Morrigan


    aeriora wrote: »
    Hi, I wonder if you could help me.

    My partner and I (both first time buyers) bought a house in december 2012 and took a mortgage of 250k. In 2013 the relief was 300 euro, since January 2014 it is 230euro, it's quite a big jump. Is this how it's supposed to be or is it a (hopefully) wrong miscalculation somewhere? Do I need to call revenue and ask them?

    Thanks for any replies.

    Call revenue as they are the only ones privy to all the details.


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