Mortgage Interest Relief for Owner Occupier

[brokeagain]

I am a first time buyer but my partner is not. We are looking to buy a house valued at 300000. We will be borrowing 92% of this which is 276000. The iterest rate is 5.21% tracker.

How much interest relief are we entitled to. My partner already owns a house but bouth it 3 years ago and is selling it now so we can buy a home together.

 

[LDFerguson]

For TRS purposes, you're both still First Time Buyers - you for seven years and your partners for the balance of seven years since s/he first bought.

Very rough calculation: €276,000 x 5.21% = €14,380 interest @ 20% = €2,876 / 12 = in excess of €230 per month, i.e. €115 per month each.

Actual amount of interest you pay will vary.

A tracker rate of 5.21% seems uncompetitive, by the way.

Liam D. Ferguson
www.ferga.com

 

[staunton]

Hi sorry to hijack thread.
I currently have a mortgage of 169K at 4.51% and am 3 years into my mortgage.
Purchased and am living on my own.
Will be getting married next year upon which time my fiancee will be moving in and will be contributing towards the mortgage.
Old fashioned in this day and age I know but she's a traditional gal!
My relief at the moment is c. 110-120 per month (usually varies a little up or down for reasons unknown to me 31 days in the month as opposed to 30 maybe?)
Because I pay under 8K per annum interest does this mean that my future wifes trs wont be eligible or would the trs on the mortgage double as there are two people claiming instead of one.
Many Thanks

 

[slinky]

I believe you will have 4 years left of TRS and she will have 7.