Mortgage interest relief

D

dublin1

Guest
Was thinking of buying a house in next year or 2.
Now Im pretty sure prices will drop another bit over next year anyway with further cuts and taxes to come.

However afaik Noonan is offering 7 yrs of mortgage interest relief at 30% to anyone who buys this year, then withdrawing it completely next year.

Does anyone know if there is a formula anywhere to work out how much the interest relief is worth?

Thanks
 
The 30% rate applies to people who bought in the 2004-2008 period, at inflated prices.

Buyers in 2012 will be allowed relief on a sliding scale (from 25% falling to 20%) until the end of 2017, after which the relief will be gone. http://www.revenue.ie/en/tax/it/reliefs/tax-relief-source-mortgage-rates.html

One of the calculators on www.mortgages.ie shows the amount of MIR included in, or reducing, mortgage repayments, but I'm not sure that it reflects the current rates of relief since the last budget. But it might be good for giving you a ballpark idea how much the relief is worth.
 
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