Mortgage interest relief calculation

L

lotus

Registered User
Messages
86
Hi,

Can anyone advise me how much mortage interst relief I would get per month on a €400,000 mortgage? How much money would be debited to my mortgage a/c each month?

I am single and not a 1st time buyer - I bought an investment property to get on the ladder a few years back.

Regards
 
Cheers Dodo.

Am I right in thinking mortgage interest relief applies to the first 7 years after you purchase house?
 
lotus said:
Cheers Dodo.

Am I right in thinking mortgage interest relief applies to the first 7 years after you purchase house?
Click to expand...

Yes, your FTB status is valid for the year of purchase and six subsequent years
 
"your 1st time buyer status is valid for 7 years"

I am not a 1st time buyer......just wondering how long I would get mort interest relief for
 
lotus said:
"your 1st time buyer status is valid for 7 years"

I am not a 1st time buyer......just wondering how long I would get mort interest relief for
Click to expand...

As long as it's your Primary Private Residence you get the interest relief for a total of seven years. If you bought your first house more than 7 years ago you get no relief.
 
bobbysands81 said:
As long as it's your Primary Private Residence you get the interest relief for a total of seven years. If you bought your first house more than 7 years ago you get no relief.
Click to expand...

Once the mortgage is for your PPR you will receive mortgage interest relief.
A higher ceiling is allowed for first time buyers in the year of purchase and for six subsequent years.
You are wrong to say no relief is available for non-first time buyers
[broken link removed]
 
If you're not a first time buyer, you'll only be entitled to relief of €600 each year - €50 per month. The larger amount of 166pm is for FTBs. All the info is here [broken link removed]
 

Thanks for that, sorry!
 
Just so i understand this ok lads, if using Karls mortgage calculator, with a loan of €250k ill be paying

Yr1: €12416
Yr7: €11128

intrest anually ill be entitled to mortgage relief up to €20,000 per annum as im married but a single income at the moment

meaning ill get

Yr1: €206/month (20% of 12416 / 12)
Yr7: €185/month (20% of 11128 / 12)
 
Last edited:
GetMoving said:
Yeah, that seems about right
Click to expand...

I got this in an email notification but the poster seems to have deleted it!:

"The simple answer is no.
Unfortunately, it doesn't matter how big your mortgage is - there is a ceiling on the maximum amount of TRS you are entitled to (10k per annum for FTBs, and 3k per annum for non-FTBs).
The relief offered on these amounts is at the standard tax rate of 20%, so you're entitled to 20% of either 10k or 3k.This is broken down over 12 months, so you'll probably end up getting either 160 per month (if you're a FTB) or 50 per month (if you're a non-FTB)."

Whats the story? Theres a 10k ceiling but im married, does it then become a 20k ceiling? Is it 20% of max 10k or 20K that i can claim for? Grateful for answers.
 
The 10K/20K is a ceiling. The max you can claim according to your previous post is Yr1: 12416/ Yr7: €11128
If your figures were 24K /22K the max you could claim would be 20K * 20% = 4000 or 333 pm for FTB or 6K * 20% = 1,200 or 100 pm

See [broken link removed]
 
Hey all, I'm wondering something similar. I bought 'buy to let' 10 years ago and never claimed interest relief on that mortgage.

Now I am buying a new apartment as my primary residence for the first time, so for the purposes of interest relief, will I be treated as a first time buyer?
 
No in order to quality as ftb you must never have owned a property before. The fact that you owned a property and let it does not matter.
 
I am also wondering about mortgage interest relief in my situation. I just got married, and my wife is moving in to the house that I bought as a first time buyer in June '06. She was living in her own house that she bought as a first time buyer in January '05. So, before the wedding, we were both getting mortgage interest relief. Now, her place will be rented, so it becomes an investment property.

My question is, what happens to the mortgage interest relief? From what I've read (on the renvenue site etc.), it seems like she will lose the mortgage interest relief on "her" place because it is now an investment property. But does her entitlement transfer to the mortgage of the house we are now sharing?
 

also interested to know if anyone has info on this

cheers
 
You must log in or register to reply here.
Menu
Log in
Register