FTB - Mortgage Interest Relief

A

adam

Guest
Hi,

First off I am sure this has been answered/explained before but I can't seem to work it out.

I bought my house last July as a FTB.

  • Tracker Mortgage 226,000
  • Interest Rate 1.05 over ECB
  • Term 35 year
Currently my repayments are 942.78 a month. Using Jeacles' calculator (thank you AAM) I can see that my normal repayments without any relief would be 1,076.57 - before todays hike :( So I seem to be getting 133.79 a month off my repayments or 1,605.48 a year.

My question is: Is this correct or am I entitled to more?

I rang my Mortgage provider but came off the phone feeling stupid and none the wiser really.

adam
 
€226K @ 4.80% (including today's 0.25% ECB hike) over 35 years means total interest of about €10K this year. Of that [broken link removed] (was €4K last year) so you should be getting €8K @ 20% / 12 = €133.33 p.m. relief. So it sounds about right.
 
ClubMan said:
€226K @ 4.80% (including today's 0.25% ECB hike) over 35 years means total interest of about €10K this year. Of that [broken link removed] (was €4K last year) so you should be getting €8K @ 20% / 12 = €133.33 p.m. relief. So it sounds about right.
Click to expand...

Hi Clubman,
My girlfriend and myself are both first time buyers and have a mortgage paying approx €18k in interest in the first number of years. Am I correct to presume that we can both obtain tax relief at source, i.e. €8k @20% / 12 = €133.33 each?
 
bobo said:
My girlfriend and myself are both first time buyers and have a mortgage paying approx €18k in interest in the first number of years. Am I correct to presume that we can both obtain tax relief at source, i.e. €8k @20% / 12 = €133.33 each?
Click to expand...

Correct.
 
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