# Mortgage relief?



## BH Hell (14 Oct 2006)

Hi single mom of 1 and I've just been turned down for FIS as I work 36 a fortnight not 38! Totally unfair I think, at least I have a job I've applied for OFP. I do get maintenance from FAF.

Just wondering can I apply for mortage relief the way people get rent payment from the welfare?

Is there anything else I should be applying for?

Thanks.


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## Tenacious (14 Oct 2006)

You can claim mortgage interest relief by applying online for this on the Revenue website. There is also a form to print off if you do not wish to apply online. When exactly did you take out the mortgage? There is a separate form to fill out if you wish to claim mortgage interest relief for the last four tax years prior to the current one. You should also be claiming the one parent family tax credit. Claim form available on Revenue website.This also entitles you to a higher standard tax rate band.  I presume your claiming child benefit etc.


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## BH Hell (14 Oct 2006)

Yes I am the forms were sent out to me in the post. I took out the mortgage 2 years ago. I'll chcek out the revenue site, thanks.
Anything else?


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## BH Hell (17 Oct 2006)

Is the mortgage interest relief different to TRS?


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## Tenacious (17 Oct 2006)

No, they are exacly the same. TRS just means you are getting relief at source rather than having to claim the relief back. For example, say your monthly mortgage interest charge was €100, you would pay your mortgage provider €80 and the exchequer would pay the remaining €20.

See this form for claiming mortgage interest relief for prior years:
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And this form for claiming for the current and future tax years:
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On another note you can rent out any spare rooms in your house up to a maximum of €7,620 tax free under the Rent-A-Room Scheme.


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## shootingstar (26 Oct 2006)

tenacious you seem to konw alot about the system.......
im a single parent with 1 child. i earn 28k and my mortgage is just gone up to 763.00 per month. Im claiming childrens allowance for my daughter. i get TRS of 66euros so that brings it down a bit. do you know if i would be entitles to claim for anything else as regards mortgage relief etc. not having enough money is a frequent issue in my house


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## ClubMan (26 Oct 2006)

If you are getting €66.67 relief the you are getting the maximum possible unless there is more than one mortgage holder.


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## Fly (27 Oct 2006)

Hi ShootingStar

Are you on a good mortgage rate?  If not, check around as the banks seem to be a little more flexible on interest rates these days.  Ie if you're outstanding mortgage is less than 80% of the current property value you should be able to get a tracker mortgage with the company you're with for very little bother.  Anything that could lower your interest rate by .25 or .5 % will be worth hundreds over the year.

Apart from that, just check out every deal you have - car insurance, home insurance, credit card etc.  For the sake of putting one afternoon aside to ring around you can make considerable savings.  

Another one that worked for me over the last while is if you have a personal pension, claiming back PRSI payments which apparently lots of people don't do (contact Ger on gwhelan@revenue.ie). And generally getting your tax situation with revenue checked out can be worthwhile - most people end up having overpaid to some extent.

Everything is getting tighter and tighter so I hope some of these work out for you.

Fly

Hope you get something out of it.


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## shootingstar (27 Oct 2006)

Fly said:


> Hi ShootingStar
> 
> Are you on a good mortgage rate? If not, check around as the banks seem to be a little more flexible on interest rates these days. Ie if you're outstanding mortgage is less than 80% of the current property value you should be able to get a tracker mortgage with the company you're with for very little bother. Anything that could lower your interest rate by .25 or .5 % will be worth hundreds over the year.
> 
> ...


 


Hi Fly

thanks for the advise. will defo be emailing ger. As regards the mortgage. Im with UB and just received notification that my mortgage is now 4.4%   !!!!!    im on the European tracker mortgage. Well fed up hearing that (smacks head off desk)

Clubman - I know thats the max amount for the TRS. was hoping things might have changed etc. New amounts issued etc. "sob sob" you have confirmed it hasnt... ah well. one can only ask!


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## Effie (17 Nov 2006)

If you want to save yourself some more money on your mortgage, I would suggest you ask UB if they have not allready got you doing so, to change your repayment schedule to paying it on a fortnightly  basis on the remainer of the capital you still owe. 

The overall effect of this is that you are repaying the interest faster and in addition, you every 26 weeks, you are paying an additional repayment which would not be happening in the traditional way of paying on a monthly basis.

You can do this for all kinds of loans providing they aren't in a 'fixed' period You can even set this up on any  loan prior to going into a fixed repayment schedule and it could potentially save you thousands depending on how big the loan is, for example for buying a car etc. 

In addition, if you can afford to repay even a few euros over what they quote you and repay this also fortnightly or even whenever you have some spare money in the kitty, putting this against the mortgage will lessen the length of time it will take to repay the loan. 

Hope this will help lessen your burden. Good luck!


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