Mortgage Interest relieft when moving to a tracker

P

pc1

Guest
Hi
I recently moved to a tracker rate and have been told that my mortgage intrest relief is cut by approx 60%... I'm hardly saving anything by moving to a tracker rate... can this be correct ?

Thanks
 
The type of mortgage is not relevant.

The amount of interest is relevant, as is your status, age of mortgage, etc.

See the Revenue website:

[broken link removed]
 
pc1 said:
Hi
I recently moved to a tracker rate and have been told that my mortgage intrest relief is cut by approx 60%... I'm hardly saving anything by moving to a tracker rate... can this be correct ?

Thanks
Click to expand...

The exact same thing happened to me recently; since reverting from fixed to tracker, I am not really any better off due to TRS reductions.

The only saving grace is that when the ECB increases rates, our TRS entitlements will also increase.

I recently started a similar thread: http://www.askaboutmoney.com/showthread.php?t=151447
 
Surely it is better to be getting less TRS as that means you are paying less interest. If ECB goes up you will pay more interest, yes you might get more TRS but for every euro of interest you will pay you will get back 20c. If you want to give me euros I will give you 20c for each one :)
 
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