Interest Only

[thebop]

What would be approx repayments for Interest Only mortgage on approx 210,000. Can you still obtain mortgate relief on an interest only mortgage

 

[Howitzer]

What is the interest rate? Monthly repayments are 210,000 * (interest rate/100) / 12.

 

[thebop]

Not too good at the maths. Don't know the interest rate as haven't applied yet. What's the best one available does anyone know. Can you still claim mortgage relief too?

 

[LDFerguson]

Have a look at these Best Buys for best rates.

Pick the one that suits you - multiply 210,000 by the interest rate and then divide the answer by 12. That's your monthly repayment.

Interest-only loans qualify for tax relief.

 

[ClubMan]

What's the best one available does anyone know.

If you are buying as an owner occupier then are you sure that you will qualify for an interest only mortgage at all? The best one is the one with the lowest rate presumably?

Can you still claim mortgage relief too?

Yes - subject to the usual limits (e.g. maximum of €8K interest @ 20% = €1,600 p.a. or €133.33 p.m. tax credit/deduction on your repayments if you are a first time buyer owner occupier in the first 7 years of your first or subsequent mortgage).