# Mortgage Interest Relief - owner occupier



## HMC (24 Apr 2007)

Am getting conflicting advice on how much interest relief will be on my mortgage.  Borrowing 170K over 25yrs, single person, not a FTB.  Revenue website says €600 a year, ie €50 per month, whereas my "financial advisor" says €100 per month.

Can someone please clarify for me? 
Thanks.
HMC


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## ClubMan (24 Apr 2007)

Moved from Budget 2007.


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## ClubMan (24 Apr 2007)

The [broken link removed] for a single non _FTB _is €3K p.a. @ 20% = €600 p.a. or €50 p.m. If you pay at least €3K in mortgage interest p.a. then you will get this. Otherwise you get relief only on the amount of interest actually paid.

Who is this "financial advisor"? Maybe s/he thinks that there are two of you?


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## HMC (24 Apr 2007)

Thank you Clubman.
This "financial advisor" is a bit of a liability I think.  He gave me the rate last week for a FTB, which I am not. I've told him verbally and it's on file somewhere. 
When I went in to see him last week about getting mortgage payment protection, he yawned his way through our meeting.  He started filling in the online application single-handedly and just made assumptions to certain questions such as "are you a smoker".  He selected "no" and carried on to page 2 when I corrected him.  His reply? "you don't look like a smoker" !!!! 
On the last leg now but will certainly not be recommending him to anyone.


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## ClubMan (24 Apr 2007)

HMC said:


> When I went in to see him last week about getting mortgage payment protection


Are you sure that you need this (as opposed to mortgage protection life assurance which is normally mandatory for owner occupiers)? Bear in mind that such policies are often bad value for money with premiums inflated by high charges/commissions and the policies only paying out in restricted circumstances and/or for limited periods of time. Sometimes something more general like income protection or critical illness/_PHI _cover might be a better idea. 


> and just made assumptions to certain questions such as "are you a smoker".  He selected "no" and carried on to page 2 when I corrected him.  His reply? "you don't look like a smoker" !!!!


Maybe he was encouraging you to lie to get a lower premium? If I was you I'd consider ditching him and going it alone or to another broker.


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## cianmd54 (10 May 2007)

I am borrowing 400K over 30 yrs..FTB & single. How much rent relief do I qualify for per month under 2007 Budget???


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## aaa1 (10 May 2007)

€133 per month for 7 years. Your bank should give you a form to fill out and it's automatically applied to your account. It's backdated and if there's two FTBs, then both get it. Same if there's three, four etc FTBs buying a property together


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## asdfg (10 May 2007)

Only up to a max of interest paid of 8K pa per person 

If interest paid is 20K and there are 2 of you each will get 8K @ 20%
If interest paid is 20K and there are 3 of you each will get 6.67K @ 20%   
If interest paid is 20K and there are 4 of you each will get 5K @ 20%


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