Mortgage Interest Relief

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pmeehan

Registered User
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Can someone please help?

I have a joint mortage of €393760 over 35 years. We are both single and the interest rate is 2.99%. We have both applied for interest relief but only got €270 in total debited back to our account this month. Under the new guidelines, shouldn't we be getting €208 each, ie €416 in total per month?
 
You should get 25% of the interest you pay subject to a max of €416 per month. As you are paying about €1,000 a month in interest you will only get about €250 per month in TRS.

Interest rates are so low at the moment that you'd need a massive mortgage to get the maximum TRS payment
 
So you can't each claim 25%? That's the bit that has me confused, mine hasn't been applied yet so waiting to see what it will be.

Married couples get a better deal, is that it?
 
Cheeus said:
So you can't each claim 25%? That's the bit that has me confused, mine hasn't been applied yet so waiting to see what it will be.

Married couples get a better deal, is that it?
Click to expand...

The maximum limit is double where two people claim but the you can never back get more than 25% of the interest you actually pay
 
DerKaiser said:
The maximum limit is double where two people claim but the you can never back get more than 25% of the interest you actually pay
Click to expand...

so basicaly 12.5% each ?! or about 8% if there are three people in the mortage, and so on?!
 
you get the % of the ceiling or the interest, whichever is lower.

so if two first time buyers in year 1 or 2 you both get 25% of your ceiling.

instead of just 10000.00 ceiling for one you get a ceiling of 20000.00. for two people.

so 25% of 10000.00 for 1 or 20000.00 for 2 or the interest for the year, whichever is lower.

your percentages are never added together, its your ceiling that is added together.
 
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