Mortgage interest reliedf for first time buyer

S

Sam Sprout

Registered User
Messages
16
Hi guys,

I am due to draw down a mortgage of 327k at the standard variable rate in Aib ie. 4.5%. Being new to all of this, I would like to have an idea of what I will actually be paying back every month so am looking to find out a figure for my mortgage interest relief. At least if I had a n idea, i could work from something. Hope ye can help! Cheers
 
Put your mortgage details into Karl Jeacle's mortgage calculator and you'll see how much interest you'll be paying. At present, a single person can claim up to €10,000 of interest per year at 20%. If there's two people on your mortgage, that's €10,000 each.

Any chance you can defer drawing down your mortgage until 2009? If you draw down now, then 2008 is considered to be your first year of TRS at First Time Buyer rates. You then only have six further years from 2009 onwards. If you draw down in early 2009, you get seven years from 2009.
 
I'm in a similar position and plan to hold off until January for maximum TRS.
Will my first mortgage repayment be the date I draw down though, or would it be a few weeks later?

Is it possible to draw down in December and have first payment in January? New to this mortgage lark so apologies if that's a stupid question!
 
TRS is calculated from draw down date, not from your first payment. So its far better to wait till january to draw down.
 
Hi Cheeus

Yes it is possible to draw down in December and make first payment in January, we drew down our mortgage on 01/10, and first payment will be 28/11, but as already pointed out if you can delay drawdown until January you will maximise the benefit of your position as a FTB for TRS purposes

Betsy
 
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