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Mortgage interest relief question. Please Help!!!

  • 17-06-2015 12:33pm
    #1
    monkey8
    Registered Users, Registered Users 2 Posts: 386 ✭✭


    We have a one bed apartment in NE (brought in 2007 for €300000) Due to our ever expanding family we had to rent it out and rent a bigger house ourselves.
    Got a letter from revenue to say we will now lose our mortgage interest relief.
    We pay €1150 a month at present.
    Can anyone tell me approx how much more I will be repaying every month?
    Also I didn't realise that I should not be getting MIR if renting my house.
    Will there be any reprocussions for not declaring this earlier?
    Thanks in advance.


Comments

  • #2
    adrianw
    Registered Users, Registered Users 2 Posts: 236 ✭✭adrianw


    Mortgage interest relief is only available if you are using the property as your home. If you have been in receipt of the relief while it was rented out, it would be repayable - it was in your terms & conditions when you took out your mortgage (although i know very few people read them).

    The additional amount is not possible to calculate based on the info provided. The relief would be circa 15% of the interest portion.

    However, in your income tax return where you claimed the mortgage interest as a deduction, this can be amended to claim the adjusted allowable amount.


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