Mortgage Interest Relief on fixed rate mortgage?

Looking for some advice if possible.

I currently have a mortgage with ICS and a year ago I fixed the mortgage rate for 4 years as I could guess what was coming (the interest rate hikes), that said, I was wondering whether the mortgage interest rate changes implemented by the government in the budget - do they not affect fixed mortgage rates? I ask, because I haven't seen any change in my mortgage repayment figure?


My wife is not on the deeds of our house because when we were buying the house it was due to an outstanding loan on her side that we decided that I would be sole owner/lender. Of course I want to have her name now put on the deeds (5 years later) - anyone know the cost in having this changed and is there much hassle involved.

The last scenario also raises another point, my wife works part time but isn't on the mortgage as mentioned and therefore is not entitled to mortgage relief. If her name is placed on the deeds, will it reduce the mortgage due to the extra mortgage relief?

Any help in relation to these questions - much appreciated!

Coffee House said:

I currently have a mortgage with ICS and a year ago I fixed the mortgage rate for 4 years as I could guess what was coming (the interest rate hikes), that said, I was wondering whether the mortgage interest rate changes implemented by the government in the budget - do they not affect fixed mortgage rates? I ask, because I haven't seen any change in my mortgage repayment figure?

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If the interest paid is less than the old mortgage interest relief limit then their will be no change.
You can only get claim the relief if the mortgage interest is paid.
So if your mortgage is low then it is possible that the new changes don't affect you.

If this is the case, then it will make no difference adding you wife to the mortgage, as again, you can only claim relief on the inteest paid.

Ah thanks for that.

I only have a mortgage fo approx 100k left - so I presume this doesn't affect me then?

There might be some benefit to adding your wife to the mortgage.

If it's more than seven years since you bought your first home, you qualify for the lower rate of TRS. That's based on a maximum of €3,000 interest for an individual or €6,000 interest for two people.

On a €100,000 mortgage you may be paying more than €3,000 interest in the year, so adding your wife might allow you to claim TRS on the excess over €3,000. But it's unlikely to be very much and may well be outweighed by the cost of doing so.

Ask your solicitor for a quote on adding your wife to the property.

Liam D. Ferguson
www.ferga.com

Great, thank you for your advice.

Much appreciated!