ChunkyLover
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This implies c. €14K interest per annum. If you are a non FTB or were a FTB more than 7 years ago (are you sure that you are not entitled to the FTB first 7 years preferential relief?) then you are at least entitled to relief on a maximum €6K p.a. interest (or €12K if the mortgage is a joint one) which would translate into a €100 (€200) deduction on your mortgage repayment p.m. See [broken link removed].I am not a first time buyer but the current home is my family home.
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The interest and capital breakdown on my current mortgage payment is €1227 Interest + €470 Capital
I don't understand this but bear in mind that extending the mortgage will have a huge knock on effect on your total interest bill. See Karl Jeacle's mortgage calculator for an illustration of how much additional interest you will pay over 32 years versus 25. Remember that each €1 of interest is still costing you €0.80 even if you get relief on it. Fiddling with things just to avail of interest relief doesn't really make sense to me. In general it makes more sense to clear the mortgage as soon as you can in order to minimise your total interest bill rather than worrying about arguably marginal interest relief.All I want to know how much relief will I get now per month. Am also considering to increase the mortgage period from 25 years to 32 years so that the monthly installment will fall just below €1500, will this move have any affect on the amount of Mortgage Interest Relief I claim?
Actually - we're both wrong. In 2006 the amount of qualifying interest for non FTB couples was €5,080 (2 x €2,540 single rate) and in 2007 it's €6K (2 x €3K).The €16000 relief on interest is for a married couple that are first time buyers during the first 7 years of the mortgage. For a non first time buyer the relief is for the first €10160 for a couple, half that for a single person.
But it will affect (increase!) the amount of interest payable over the long run.Tax relief is granted at source on your mortgage interst payemts at 20%, changing the term of your loan shouldn't affect your right to interest relief.
So 6k (2x3k).In 2006 the amount of qualifying interest for non FTB couples was €5,080 (2 x €2,540 single rate) and in 2007 it's €6K (2 x €3K).
That's rightActually - we're both wrong. In 2006 the amount of qualifying interest for non FTB couples was €5,080 (2 x €2,540 single rate) and in 2007 it's €6K (2 x €3K).
But it will affect (increase!) the amount of interest payable over the long run.
You get 20% relief on a maximum of €6K so this means a maximum of €6K @ 20% = €1,200 p.a. or €100 p.m. "into your hand" in the form of a reduction at source on your mortgage repayment. If you pay less than €6K interest then you only get relief on the amount that you pay. I would be very wary of engaging in financial gymnastics for the benefit of maximising relief at the possibly cost of a longer term high interest bill overall. At the very least crunch the numbers.Jus confusion again, we are not FTB and are joint mortgage holders, how much is the relief we get, is it €6K p.a. or €12K p.a. ?
No SD on new houses (under 125sqm) for FTBs and non FTBs!I don't know why this government always have dual policies?
One Interest Releif limit for FTB s and a restricted limit for Non FTBs.
No Stampduty for FTBs if they buy from Builders and 3% stampduty if you buy a second hand home.
If you didn't previously use up your full 7 years of FTB relief then you are still entitled to the balance even if you were not a FTB on the most recent property.I am not a first time buyer but have to sell the house and buy another one just because I changed jobs and am peanalised big time by this Government for just doing that.
If you didn't previously use up your full 7 years of FTB relief then you are still entitled to the balance even if you were not a FTB on the most recent property.
"About to move" doesn't necessarily mean you're not FTBs, if you first bought within the last seven years.Is there a simple calculator somewhere which will allow me to work out what mortgage relief we will get. We're about to move, so are not FTBs. Married. Mortgage will be about 275k.
I just want to have an idea of how much I can knock off the quotes we are getting from our mortage broker??
Well Karl Jeacle's mortgage calculator will estimate the annual interest bill (Annual Table button) once you enter the mortgage amount, term and rate and then you just apply the relevant TRS relief limit to figure out how much qualifies for relief.Is there a simple calculator somewhere which will allow me to work out what mortgage relief we will get.
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