Correct TRS?

I have read all the info online but can't quite get my head around how much mortgage interest relief we are entitled too... Some of the sites make me think we're due more, but then some of the info doesn't! (I know I'm just being dim) We've been getting around 170 per month.

We're a married couple, single income, paying a mortgage which is about 210k now. We're still within the 7 years for ftb. Our repayments are about the 1k mark.

Can anyone enlighten me?

so calc the interest for a year at a time as it restarts every january,

get your interest * 20% / 12 for a monthly trs payment

if your both ftb, i would take it you are both get the 10k ceiling which makes your total combined ceiling 20000 * 20% = maximum of 4000, which is 333.33 per month max for both.

there is also the fact that is your total loan for the property or did you advise them only 90% is for the house and 10% for the car.

Okay, looks like we're getting 170ish per month trs. So, if 333.33 per month is the max, there is a difference there. Is this explained by a mistake on revenues part - or are we just not paying enough interest on our mortgage to qualify for the full 333? (Total loan is for house)

On a €210k mortgage your interest shouldn't be far off €10k p.a.

Under current rules you should be getting back 20% of this in TRS so the €170pm looks about right

So yeah, a couple would have to have a mortgage of around €400k to pay enough interest to get max relief

Oh why couldn't it just be a revenue mistake?

Thanks everyone for that clarification.

DerKaiser said:

On a €210k mortgage your interest shouldn't be far off €10k p.a.

Under current rules you should be getting back 20% of this in TRS so the €170pm looks about right

So yeah, a couple would have to have a mortgage of around €400k to pay enough interest to get max relief

Click to expand...

I was wondering about this myself. If a couple are both claiming TRS does the interest have to amount to €10000 or €20000 in total to get max mortgage relief?

€20k. You can't both claim relief on the "same" money - i.e. you can receive relief on up to €10k each, but it must be a different €10k each, not double relief on a single sum of €10k.

... that ends up sounding more convoluted than I expected, but I hope it makes sense to you!