mortgage relief too low

N

narky

Registered User
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hi just a quick question regarding mortgage relief at source. myself and partner bought apartment 2 years ago. mortgage 271000 for 35 years. we were both registered as single. just found out that we have received 187euro relief for the last 2 years. not each but altogether. our mortgage consultant just told me he thinks this is too low. we are now married and i am about to register as a married couple with revenue. what do you think we should be getting?

oh i know i should be more wise about my tax situation:eek:.
 
What's your mortgage rate?

If you're on a good fixed rate, ca. 4.15%, that €187 figure is about right.

Mortgage interest relief for first time buyers [until the changes brought in by this year's budget] was calculated as 20% of actual mortgage interest paid up to a ceiling of €10,000 interest per person per year. So, if there are two of you and the mortgage interest is €12,000, you'll get relief of €12,000 * 20% = €2,400 per year, or €200 per month.
 
Narky,
The TRS depends on the interest rate. The rates that Pope John 11 quoted are the max relief and are per person. Say your interest rate is 5% well then you should be getting 225.83 per month. You need to contact the Revenue Commissioners to get a rebate and amend the TRS on your mortgage. Please have your mortgage ref. and PPS numbers to hand. You can also claim on line. Maybe a call to your lender first may do not harm to find out how they are calculating the TRS on your account.
Spin
 
thanks all. yeah it is right ... ah well there goes the pipe dream of getting big cheque for xmas...;) thanks again.
 
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