# Mortgage interest relief calculation



## lotus (26 Mar 2008)

Hi, 

Can anyone advise me how much mortage interst relief I would get per month on a €400,000 mortgage? How much money would be debited to my mortgage a/c each month?

I am single and not a 1st time buyer - I bought an investment property to get on the ladder a few years back.

Regards


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## dodo (26 Mar 2008)

Close on 166 Euros a months back into your account I think


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## lotus (28 Mar 2008)

Cheers Dodo.  

Am I right in thinking mortgage interest relief applies to the first 7 years after you purchase house?


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## JMR (28 Mar 2008)

lotus said:


> Cheers Dodo.
> 
> Am I right in thinking mortgage interest relief applies to the first 7 years after you purchase house?


 
Yes, your FTB status is valid for the year of purchase and six subsequent years


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## lotus (31 Mar 2008)

"your 1st time buyer status is valid for 7 years"

I am not a 1st time buyer......just wondering how long I would get mort interest relief for


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## Guest121 (31 Mar 2008)

lotus said:


> "your 1st time buyer status is valid for 7 years"
> 
> I am not a 1st time buyer......just wondering how long I would get mort interest relief for


 
As long as it's your Primary Private Residence you get the interest relief for a total of seven years.  If you bought your first house more than 7 years ago you get no relief.


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## JMR (31 Mar 2008)

bobbysands81 said:


> As long as it's your Primary Private Residence you get the interest relief for a total of seven years. If you bought your first house more than 7 years ago you get no relief.


 
Once the mortgage is for your PPR you will receive mortgage interest relief.
A higher ceiling is allowed for first time buyers in the year of purchase and for six subsequent years.
You are wrong to say no relief is available for non-first time buyers
[broken link removed]


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## GetMoving (1 Apr 2008)

If you're not a first time buyer, you'll only be entitled to relief of €600 each year - €50 per month. The larger amount of 166pm is for FTBs. All the info is here [broken link removed]


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## lotus (1 Apr 2008)

cheers for that. €50 it looks like!


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## Guest121 (2 Apr 2008)

JMR said:


> Once the mortgage is for your PPR you will receive mortgage interest relief.
> A higher ceiling is allowed for first time buyers in the year of purchase and for six subsequent years.
> You are wrong to say no relief is available for non-first time buyers
> [broken link removed]


 
Thanks for that, sorry!


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## Slaphead (2 Apr 2008)

Just so i understand this ok lads, if using Karls mortgage calculator, with a loan of €250k ill be paying

Yr1: €12416 
Yr7: €11128

intrest anually ill be entitled to mortgage relief up to €20,000 per annum as im married but a single income at the moment

meaning ill get 

Yr1: €206/month (20% of 12416 / 12)
Yr7: €185/month (20% of 11128 / 12)


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## GetMoving (2 Apr 2008)

Yeah, that seems about right


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## Slaphead (2 Apr 2008)

GetMoving said:


> Yeah, that seems about right



I got this in an email notification but the poster seems to have deleted it!:

"The simple answer is no.
Unfortunately, it doesn't matter how big your mortgage is - there is a ceiling on the maximum amount of TRS you are entitled to (10k per annum for FTBs, and 3k per annum for non-FTBs).
The relief offered on these amounts is at the standard tax rate of 20%, so you're entitled to 20% of either 10k or 3k.This is broken down over 12 months, so you'll probably end up getting either 160 per month (if you're a FTB) or 50 per month (if you're a non-FTB)."

Whats the story? Theres a 10k ceiling but im married, does it then become a 20k ceiling? Is it 20% of max 10k or 20K that i can claim for? Grateful for answers.


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## asdfg (2 Apr 2008)

The 10K/20K is a ceiling. The max you can claim according to your previous post is Yr1: 12416/ Yr7: €11128 
If your figures were 24K /22K the max you could claim would be 20K * 20% = 4000 or 333 pm for FTB or 6K * 20% = 1,200 or 100 pm

See [broken link removed]


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## smithfielder (2 Apr 2008)

Hey all, I'm wondering something similar. I bought 'buy to let' 10 years ago and never claimed interest relief on that mortgage.

Now I am buying a new apartment as my primary residence for the first time, so for the purposes of interest relief, will I be treated as a first time buyer?


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## asdfg (2 Apr 2008)

No in order to quality as ftb you must never have owned a property before. The fact that you owned a property and let it does not matter.


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## RonanL (5 Nov 2008)

I am also wondering about mortgage interest relief in my situation. I just got married, and my wife is moving in to the house that I bought as a first time buyer in June '06. She was living in her own house that she bought as a first time buyer in January '05. So, before the wedding, we were both getting mortgage interest relief. Now, her place will be rented, so it becomes an investment property.

My question is, what happens to the mortgage interest relief? From what I've read (on the renvenue site etc.), it seems like she will lose the mortgage interest relief on "her" place because it is now an investment property. But does her entitlement transfer to the mortgage of the house we are now sharing?


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## NorfBank (5 Nov 2008)

Is she on the mortgage of your house?


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## RonanL (5 Nov 2008)

Not yet, but what's mine is hers etc!

Should I get her added?


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## germc123 (5 Nov 2008)

RonanL said:


> .
> 
> My question is, what happens to the mortgage interest relief? From what I've read (on the renvenue site etc.), it seems like she will lose the mortgage interest relief on "her" place because it is now an investment property. But does her entitlement transfer to the mortgage of the house we are now sharing?


 
also interested to know if anyone has info on this

cheers


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## RonanL (6 Nov 2008)

I just searched the site for information on how to add a spouse to a mortgage and found this thread: http://www.askaboutmoney.com/showthread.php?t=67105

It appears from Clubmans's last comment on that thread that I don't need to have my wife on the mortgage to get the married interest relief. Is that the case? Does the fact that she has another property affect that?

Any info would be much appreciated - thanks to those who have replied already.


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## Don_08 (12 Nov 2008)

We transferred the TRS to our house after we were married.  Husband had a house previously and was his PPR up to a year after we married.  He was actually working away from home completely.  When he moved into our house he transferred it over, a year and a half after we bought the house.  THough both our names were on the mortgage.


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## NorfBank (12 Nov 2008)

From previous discussion, it looks like your wife does not need to be on the mortgage she just needs to complete a TRS1P form. Give revenue a call to confirm?


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## RonanL (12 Nov 2008)

Thanks everyone for replying. I'm gonna give the revenue a call to confirm but it looks like good news. I'll reply once I get the final word.


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## DerKaiser (12 Mar 2009)

RonanL said:


> Thanks everyone for replying. I'm gonna give the revenue a call to confirm but it looks like good news. I'll reply once I get the final word.


 
Any satisfaction on this?


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## Society (1 Mar 2012)

what was the reply?


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## arigatou (8 Mar 2012)

The amount of relief the standard rate of 20%, so you have the right to 20% or 10K or 3k.This, breaking the 12 months down the line, so you may end up with monthly or 160.


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## huffles (10 Mar 2012)

Hi all.

Looking for advice on mortgage interest relief. Neither I or my husband ever claimed mortgage interets relief. I Know, What were we thinking.

My husband had a house back in 2001 to 2002 sold it. So first time buyer status gone.

He built another didn't bother living there (lived at home) just rented it out. 

I bought a house in 2003 lived there until 2010. Husband moved in, in 2006 when we got married. Moved in 2010 to husbands house. 

We are building a new house moving in soon hopefully March. New house costing 250k @5.1% TSB

Can anyone advice on what we should do. As far as I know you can claim only 7 years interest relief. 


Any advice would be appreciated.


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