Mortgage interest relief after the budget

L

legallady

Registered User
Messages
185
I was just wondering how much mortgage interest relief will increase to in this years budget?
 
Oh - also [broken link removed]:
[FONT=Geneva, Arial, Helvetica, sans-serif]Update to Rates in 2008: [/FONT]
[FONT=Geneva, Arial, Helvetica, sans-serif]The Minister for Finance announced on 26 June 2007 that the ceiling of mortgage interest relief for first-time buyers will increase in Budget 2008. [/FONT]
[FONT=Geneva, Arial, Helvetica, sans-serif]The ceiling of relief will increase from €8,000 to €10,000 for single people and from €16,000 to €20,000 for couples or widowed people.
Click to expand...
[/FONT]
 
thanks guys! yeah if I see Brian around I will ask him!
If it does increase my €2k for a single first time buyer, how much difference will that make? I am currently getting the maximum €133 a month
thanks
 
If the change above happens and you qualify for the 7 year FTB relief rate and are paying at least €10K interest p.a. then the relief will be worth €10K @ 20% / 12 = €166.67 p.m.
 
ClubMan said:
Haven't heard of any proposed changes.
Click to expand...
shame, it would have made things a bit more affordable for everyone not just the 1st-time buyer. Not everybody that is trading-up, down or sideway have a hugh bundle of cash(certainly not I).

joejoe
 
Trading up/down/sideways is nothing to do with it. Everybody has 7 years of "FTB" preferential relief from when they buy their first home even if they switch mortgages or trade up/down/sideways within the 7 years.
 
ClubMan said:
Trading up/down/sideways is nothing to do with it. Everybody has 7 years of "FTB" preferential relief from when they buy their first home even if they switch mortgages or trade up/down/sideways within the 7 years.
Click to expand...
According to a very helpful lady in the TRS office (or wherever), it's actually the first seven years of home ownership, thus if a FTB were to sell up and then rent for a few years that time would not count towards the seven years.
 
If she/you are suggesting that once you move within the 7 year period you lost your entitlement to FTB preferential relief for the remainder of the 7 years then this is wrong. You are entitled to it even if you move house or otherwise remortgage. The term "FTB" relief is a bit misleading.
 
ClubMan said:
If she/you are suggesting that once you move within the 7 year period you lost your entitlement to FTB preferential relief for the remainder of the 7 years then this is wrong. You are entitled to it even if you move house or otherwise remortgage. The term "FTB" relief is a bit misleading.
Click to expand...
I knew I hadn't made myself clear! What I was trying to say was that, if I buy tomorrow, sell in a years time, and rent for 2 years and then buy again, I still have 6 years worth of FTB preferential mortgage interest relief to claim when I rebuy.
 
OK - I understand what you are saying above and this is correct as far as I know. But my point was that in contrast to what joejoe seems to be suggesting above (maybe I'm wrong) a FTB who remortgages or moves within the first 7 years does not lose their FTB preferential relief.
 
ClubMan said:
OK - I understand what you are saying above and this is correct as far as I know. But my point was that in contrast to what joejoe seems to be suggesting above (maybe I'm wrong) a FTB who remortgages or moves within the first 7 years does not lose their FTB preferential relief.
Click to expand...
I'm not sure that joejoe is suggesting that, he may be, he may just be commenting that even for people who've taken advantage of the 7 years, things are still tight - only he can further enlighten us.
 
Fair enough. On a more general point if people's affordability for a particular property hinges on minor interest rate changes or owner occupier mortgage interest relief then maybe they should reassess whether or not they are getting in out of their depth in the first place?
 
You must log in or register to reply here.
Back
Top