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Fair deal scheme - assessment with outstanding mortgage

  • 30-04-2019 2:34pm
    #1
    kennM
    Registered Users, Registered Users 2 Posts: 603 ✭✭✭


    Good afternoon all,

    Hoping someone may know...

    My understanding at present is:
    80% of income +
    7.5% of property value plus savings over €36K for first three years

    After three years the property value is excluded

    Does anyone know if it is the property value or the equity in the home. For example if there is an outstanding mortgage, is that offset? e.g. €100,000 home value with €30,0000 mortgage would mean it's €70,000 home value in the context of assessment?

    Many thanks


Comments

  • #2
    Uriel.
    Registered Users, Registered Users 2 Posts: 8,062 ✭✭✭Uriel.


    Just be mindful that only the principal residence is capped at 3 years. Other assets, including second properties are not capped.

    The asset contribution is based on the value of the asset not the value of the asset less the mortgage.

    However, the interest payment relating to the mortgage is a deductible, so will help bring down the contribution. Property tax is also deductible.


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