Mortgage Interest Relief changes in budget

veryangryman

Bought in 2007, on year 11 of it so 2 more years of it at 30% of the interest

Adjustments today mean what in terms of rate for next year?

rameire

The ceilings will be revised as follows:
 €10,000 will reduce to €7,500 in 2018, €5,000 in 2019 and €2,500 in 2020.
 €20,000 will reduce to €15,000 in 2018, €10,000 in 2019 and €5,000 in 2020.
 €6,000 will reduce to €4,500 in 2018, €3,000 in 2019 and €1,500 in 2020.
 €3,000 will reduce to €2,250 in 2018, €1,500 in 2019 and €750 in 2020.

veryangryman

So same rate i guess then. Sweet

rameire

Sorry. I need to update the info.
The qualifing percentage of the loan is also changing in the same format. 75% then 50% and the 25% of current qualifing % .
I got confirmation from revenue as trhe doc i had was not conclusive.

veryangryman

rameire wrote: »

Sorry. I need to update the info.
The qualifing percentage of the loan is also changing in the same format. 75% then 50% and the 25% of current qualifing % .
I got confirmation from revenue as trhe doc i had was not conclusive.

Why do the pricks in government not spell these things out in clear mathematics in the budget documentation?

Anyways... i'm getting 197.08 this year if the first refund is accurate. Balance around 86K, 5.5 years left on it.

guylikeme

veryangryman wrote: »

Why do the pricks in government not spell these things out in clear mathematics in the budget documentation?

Anyways... i'm getting 197.08 this year if the first refund is accurate. Balance around 86K, 5.5 years left on it.

Reawakening this now as i heard the mention of 100%. Anyone explain this in english for me. Now going into year 12

Trish56

It's for landlords only no change for private dwelling house mortgages.

guylikeme wrote: »

Reawakening this now as i heard the mention of 100%. Anyone explain this in english for me. Now going into year 12

boardzz

Landlords can offset 100% of their mortgage interest against income that comes from their rental property.