Mortgage Interest Relief

M

mamma nua

Guest
Hi,

I hope someone can help us.
My wife and I have bought our first house together.

My wife has owned a property in the past and therefore we were caught for Stamp Duty when buying this house (she was not a first time buyer, although I was).

We wish to start claiming interest relief at source on our new mortgage, but I am confused about two issues. Here are the facts:

Facts
-My wife has owned (and currently owns) two other properties over the last 15 11 years. (They were her PPR's at the time, now investments).
-My wife has never claimed any mortgage interest relief on these two properties- ever.
-We now jointly own a house. I am a first time buyer.
-The max relief for first time buyers is as follows:
- single people = €10k @20% = €2k
- married people = €20k @20% = €4k
-The max relief for first time buyers is as follows:
- single people = €3k @20% = €600
- married people = €6k @20% = €1,200

Questions:

(1)Can we claim the first time buyers married relief of €20k @20% (€4000) (assuming our interest repayments are higher).
(2) Is this a yearly amount?
(3) Will the fact that my wife had previous homes impact on the relief (even though she has never claimed it?
(4) If the answer to (3) is Yes ….like stamp duty, will her inability to avail of the first time buyers relief, impact on me?
(5) Can we both claim the relief from this yearm for the next 7 years?
(6) Are we better off claiming the relief seperatly, if the answer to (3) is yes?

Thanks in advance for any help you can give me.

m
 
If your wife already claimed the period of FTB preferential relief then she can only claim non FTB relief now.* If this is the first house that you have ever bought then you can claim FTB relief for 7 years and non FTB relief thereafter. Just jointly fill in the TRS1 form and Revenue will figure out what you are entitled to.

* Update: sorry - just noticed that you say she never claimed owner occupier mortgage relief in the past on the other properties. In that case I presume that you can both claim FTB relief for 7 years.
 
My wife has not claimed any mortgage interest relief ever.
Is this what you mean?
 
You'll have to check with Revenue if she can actually claim it because although she hasn't received it, there's a time limit from when your purchase your first property to when you can actually claim it. I'm not sure how long exactly but it's definitely a lot shorter than 15 years
 
Thanks aa1 and Clubman.

Lets assume (for the moment) that my wife wont be able to claim any Mortgage Interest Relief (MIR), will I still b able to claim relief of €10k @20%? (The single FTB person ceiling).

(still seems unfair that mrs wont get any relief).

Is this ceiling relief per year? Will I get €2k relief per year?
 
mamma nua said:
Lets assume (for the moment) that my wife wont be able to claim any Mortgage Interest Relief (MIR), will I still b able to claim relief of €10k @20%? (The single FTB person ceiling).
Click to expand...
Yes - you will.
(still seems unfair that mrs wont get any relief).

Is this ceiling relief per year? Will I get €2k relief per year?
Click to expand...
If your share of the interest bill is €10K or more then yes.
 
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