Mortgage Interest Relief Gone Down

D

deadtiger

Guest
Hi,

Just a quick question. Just having a look at my Banking online (as I do once each week). Mortgage payments just gone out and one thing I noticed is that my mortgage interest relief has done down substantially..

e.g. last month (2nd Jan)
Mortgage Payments - circa 680
Mortgage Interest Relief - circa 81.97

this month (3rd Feb)
Mortgage Payments - circa 660
Mortgage Interest Relief - circa 34.50

I'm not tuned in at all as to how this relief works but would there be any reason for this change. Note that there is no change in either my wife's or my position as regards employment/salary..

Thanks in advance
 
Looks like the interest portion of your mortgage has gone down, or else you have moved on to a different TRS rate. How long have you had your mortgage?
 
Paddy,

Just reading there. Not sure exactly when we started paying the mortgage but I think it is now over 8 years so looks like the celining on relief has gone down?
 
Yes, it would be down to 15% I believe, plus your capital repayment would have increased, and your interest would have gone down. Go on to www.jeacle.ie/mortgage fill in your details and it will show you how the payments work out over the course of the mortgage.
 
Yeah, tis 7 years high TRS for First Time Buyers. After that, you drop down to the standard €2k (single) or €4k (couple) TRS rate.
 
Cheers all,

great response as usual.

Great timing along with the introduction of the 1% income levy but I'll not complain as there's plenty worse off at the moment..
 
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