Mortgage Interest Relief

colly

Registered User
Messages
184
With Interest rates on the rise again the repayments on my investment property are now only barely covering the mortgage. I was reminded to check whether I am getting Mortgage Interest Relief. I’m not 100% sure, but I think I did have this in the beginning. I seem to remember that on the same day the mortgage payment was taken out of the account, the interest relief (approx €50 or so) was credited to the account. This definitely does not happen any more though. The only thing that has changed is that I did extend the mortgage and take another 10k top up. I'm not sure if that would affect it.

I tried to call the revenue the other day, but the recorded message said that they were experiencing very high call volume and I would not be able to speak to a person, and the automated system could only send me forms.

Can anyone advise whether they think I am or am not getting this at the moment. What si the best way to go about checking? Is there any other numbers I can try?
Any advice mush appreciated.
Thanks
Colly
 
Mortgage interest relief is for your principal primary residence only, and you are not entitled to claim it against an investment property. If you have previously done so and if you do not rectify the situation promptly, you may be subject to clawback of improperly allowed relief by Revenue, plus interest and penalties.
 
As above - mortgage interest relief at source is for owner occupiers only. You should not be claiming/getting it on an investment property. On the other hand you can offset 100% of mortgage interest against rental income from an investment property. If this is news to you then you really need to get independent, professional advice on how to manage your tax liabilities in relation to this property.