First time buyer tax relief (confused)

[aquaceri]

Hi there,

I am a first time buyer. I am buying a house worth 290K and am single. How do i figure out what my tax relief will be? I know its something like 4k @ 20% but how do i know exactly how much this will save me per month?

Any advice would be great. (imagine i work in accounts and cant figure this one out lol)

Thanks

 

[slinky]

290k x Mortgage Interest Rate x 20% / 12.

I think.

 

[jnh]

If you're paying over €8000 interest per year (you should well be) and you're an FTB, you'll get €166 TRS per month

 

[LDFerguson]

If you're paying over €8000 interest per year (you should well be) and you're an FTB, you'll get €166 TRS per month

It's €10,000 but the net result is the same - maximum around €166 per month.

On a €290,000 mortgage you're likely to be paying >€10,000 interest for several years so you should get the maximum amount until your interest drops below €10,000 per year or the rates of relief change.

 

[dewdrop]

the relief applies for the tax year in which mortgage taken out plus the six subsequent years. it can be lodged directly into the account which pays out the mortgage debit.