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Mortgage Interest Relief? How is it Calculated?

  • 17-08-2005 11:04am
    #1
    maeve49
    Registered Users, Registered Users 2 Posts: 42 ✭


    HI there!
    Maybe someone can help, I am trying to figure out how my mortgage interest relief is calculated. I seem to be only getting €60 per month relief, I understand that the upper limit of relief available in €3,175 pa (€264 pm). How come I only get €60pm then? My mortgage is €170k but my friend also gettting single person relief is getting €110 pm on a mortgage of about €220K. Anyone got any ideas if I am entitled to more? :D


Comments

  • #2
    ck1
    Registered Users, Registered Users 2 Posts: 123 ✭✭ck1


    Single persons relief is up to a limit of €4000 per year for first time buyers or €2540 for second time buyers therefore the maximum credit is €800 for first time buyer and €508 for second time buyer - all based on being a single person. The relief is calculated on the Interest element of your loan only and based on 20% tax rate only.

    Hope this helps.


  • #3
    maeve49
    Registered Users, Registered Users 2 Posts: 42 ✭maeve49


    Thanks for that!
    I figured I should be getting relief on total loan amount not on interest payable, ah well!
    Thanks again! :D


  • #4
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    Ok here's a tricky one for you.

    Just about to buy an apartment with my girlfriend, not married (no plans to either), how does the mortgage interest relief work out then???


  • #5
    ck1
    Registered Users, Registered Users 2 Posts: 123 ✭✭ck1


    Mortgage Interest Relief is now granted at source. When you complete your papers with the lender they shoudl give you a form TRS1 I think to complete which allows the lender to deduct the loan amount from you less the appropriate relief. Mortgage Interest Relief for First Time Buyers is granted for 7 years. Interest Releif on €4000 for First Time Buyers is per person and not per loan. As you are not married you will have to complete two TRS1's with your lender and the Revenue will grant the releif per loan therefore the releif for both of you will be under one loan. Hope this helps


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