How much mortgage interest relief should I get?

S

Sluress

Guest
Hi all

Last week I submitted a claim for mortgage interest relief.

We bought out first house in 2003 and began to pay the mortgage in Juneof that year. In September 2008 we bought our current house, with an initial mortgage of 510k, reduced to 380k in the first month (on sale of our previous house). Therefore, I think we might still eligble for first time buyer relief until May 2010. FYI we are on a tracker rate. Up until now I had not been claiming interest relief as the bank had previously said we were getting it, but when I checked last week they said we had never received it.

I submitted the TRS form online with the following details
2008- Interest paid of 6412 (sept to Dec 2008)
2009- Interest paid of 13034 (dont understand why its so high for 09 compared to 2010)
2010- Interest paid of 7813
2011 - Interest paid of 5876 YTD (not expecting a refund here yet as year not completed)

This week I received two refunds of 450€. It was lodged directly to my bank account with no explanation of how this sum was arrived at. Does this look correct to you? I thought perhaps it would be more perhaps as we were classed as first time buyer until May 2010. And also, not sure why there were two payments, rather than 3 (for 08, 09 and 10). Any ideas on how this sum was arrived at?
 
Sluress said:
Hi all

Last week I submitted a claim for mortgage interest relief.

We bought out first house in 2003 and began to pay the mortgage in Juneof that year. In September 2008 we bought our current house, with an initial mortgage of 510k, reduced to 380k in the first month (on sale of our previous house). Therefore, I think we might still eligble for first time buyer relief until May 2010. FYI we are on a tracker rate. Up until now I had not been claiming interest relief as the bank had previously said we were getting it, but when I checked last week they said we had never received it.

I submitted the TRS form online with the following details
2008- Interest paid of 6412 (sept to Dec 2008)
2009- Interest paid of 13034 (dont understand why its so high for 09 compared to 2010)
2010- Interest paid of 7813
2011 - Interest paid of 5876 YTD (not expecting a refund here yet as year not completed)

This week I received two refunds of 450€. It was lodged directly to my bank account with no explanation of how this sum was arrived at. Does this look correct to you? I thought perhaps it would be more perhaps as we were classed as first time buyer until May 2010. And also, not sure why there were two payments, rather than 3 (for 08, 09 and 10). Any ideas on how this sum was arrived at?
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€450 is the annual rate a single person is eligible for after their first 7 years - max interest allowed of €3k at 15% relief.

The 7 years is based on calendar year, so you should have got first time buyer rate for each year from 2003 to 2009, with non first time buyer from 2010 onwards.

I'd wait a few days to see if you get anything else, after that ring them for an explanation.
 
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