# Mortgage Interest relieft when moving to a tracker



## pc1 (18 Feb 2011)

Hi
   I recently moved to a tracker rate and have been told that my mortgage intrest relief is cut by approx 60%...   I'm hardly saving anything by moving to a tracker rate...  can this be correct ?

Thanks


----------



## Protocol (18 Feb 2011)

The type of mortgage is not relevant.

The amount of interest is relevant, as is your status, age of mortgage, etc.

See the Revenue website:

[broken link removed]


----------



## Paulk (18 Feb 2011)

pc1 said:


> Hi
> I recently moved to a tracker rate and have been told that my mortgage intrest relief is cut by approx 60%...   I'm hardly saving anything by moving to a tracker rate...  can this be correct ?
> 
> Thanks



The exact same thing happened to me recently; since reverting from fixed to tracker, I am not really any better off due to TRS reductions. 

The only saving grace is that when the ECB increases rates, our TRS entitlements will also increase. 

I recently started a similar thread: http://www.askaboutmoney.com/showthread.php?t=151447


----------



## wbbs (18 Feb 2011)

Surely it is better to be getting less TRS as that means you are paying less interest.  If ECB goes up you will pay more interest, yes you might get more TRS but for every euro of interest you will pay you will get back 20c.    If you want to give me euros I will give you 20c for each one


----------

