Mortgage Interest Relief

Does anyone know if one person is on the deeds and the mortgage and then gets married, do they get the married persons rate of relief ( or do both parties have to be on the deeds/mortgage to get it)

Even if only one name is on the deeds or mortgage you can claim the increased rate for married persons. The amount of relief given to them depends on their circumstances (1st time or non-1st time buyer etc), so it is possible for one person to get a portion of the relief with the 1st time buyer limit and for the other person to get it at a non-first time buyer ceiling. Revenue do some kind of apportionment. You should ring Revenue TRS Unit with any queries, but to make your claim you will have to complete the TRS form online.

source: made the same claim for the same reasons recently!

TRS and marriage

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Mtge Interest Relief

Sorry, leaky, bit confused. I have bought a house and my partner isn't on the mortgage as he is only on contract and bank wouldn't approve it. He is paying half the mortgage and is a first time buyer whereas i am a non-first time buyer. We plan to marry shortly so then can he claim mortgage interest relief as married person on the portion of mortgage he is paying or is it only me that can claim the relief? Thanks for you help, it's difficult to understand.

Sorry if I wasn't clear - maybe my own situation might make it a bit clearer. I bought my home as a single individual a few years ago. Only my name is on the mortgage (i hadnt even met my husband them). I received mortgage interest relief as a first-time buyer (single person rates, of course). I got married recently and I rang Revenue to ask if I was due any extra relief, they said 'yes, you are due to get the married persons rate of mortgage interest relief and your husbands name doesnt need to be on the deeds or mortgage'. Okay, so i'm paraphrasing! It doesn't matter if he helps pay it either - its more like the mortgage gets the relief, but based on your marital status...if that makes any sense.

Honestly I found the Revenue TRS people explained it on the phone much better than I can. Definitely give them a ring.
Am happy to answer any other questions u might have though.

thanks a million leaky, that's very helpful

Society said:

He is paying half the mortgage and is a first time buyer whereas i am a non-first time buyer. We plan to marry shortly so then can he claim mortgage interest relief as married person on the portion of mortgage he is paying or is it only me that can claim the relief?

Click to expand...

Sorry I only read the above bit properly after I posted. Yes, it's possible for you to get interest relief as a non-first-time buyer while your husband gets interest relief as a first-time buyer... on the same mortgage. I know, it's a bit confusing, it took me a while to get it at the start too.

Revenue work out an apportionment to decide how much relief you are due and how much your husband is due. The apportionment isn't based on how much each person contributes...rather it is based on how much each individuals 'ceiling' is as a fraction of the 'total ceiling'. I'll try give example using the TRS rates from Revenue:
http://www.revenue.ie/en/tax/it/reliefs/tax-relief-source-mortgage-rates.html

Person A is a single non-first-time buyer. Due interest relief of 15%, with a max interest ceiling of €3000.
Person B is a single first-time buyer. Due interest relief of 25%, with a max interest ceiling of €10,000.
When Person A & B get married their individual 'ceilings' are combined so they have between them a 'total ceiling' of €13,000 for interest relief, though they will get their portion at different % rates.

For example let's say the gross annual mortgage interest charged is €11,000

Person A 's interest relief is apportioned as €3000/€13000 (ie their personal ceiling/total ceiling).
Person B 's intereset is apportioned as €10,000/€13,000 (personal ceiling/total ceiling)

Person A: €3000/€13000 x €11,000 interest = €2538 x 15% = €380.70
Person B: €10,000/€13,000 x €11,000 interest = €8461 x 25% = €2115.25

As a couple their total interest relief is now (€380.70 + €2115.25 = ) €2495.95.
Gross annual interest: €11,000
Total TRS due: € 2,495.95
Net annual interest: € 8,504.05

Hope the figures help a little, and dont just confuse things more.

Mortgage interest relief - married rate

Sorry to sound stupid, but does that mean you get 208 euro off your mortgage per month, if the annual interest is 11k and one person is named on the mortgage (Non FTB) and the spouse(FTB) isn't?