please help! mortgage interest relief changing monthly!

Hello,

over the past 3 months, my mortgage interest relief has gone from 91€ to 45 to 62 to 54... i have no idea why this is, especially as mortage rates have gone up, so am paying more interest!

What is the max a FTB can recieve on a single person's mortgage?

how do i calculate it?

mortgage is 300k over 35 years at 3.5%.

all advice greatly appreicated!

wexford said:

What is the max a FTB can recieve on a single person's mortgage?

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See . Revenue's details on this are still out of date in many places...

Have you asked your lender or Revenue why your mortgage interest relief seems to be all over the place? Any chance some variability could be explained by months of different lengths?

it works out at about 66 euro per month, dont know why it is varying for you though.

The maximum you can receive is EUR 800 per year which assumes that your total mortgage interest payment is EUR 4000+. The figures do seem strange. I would suggest that you contact the TRS helpline at 1890 463626.

Have you only applied for TRS in the last few months........if so then there could be some backdated TRS?
Also increase in mortgage interest rates could explain a certain amount......
Apart from that contact your bank/revenue to discuss

thanks guys! the bank seem to be at the root of the problem.. have contacted revenue.

many thanks

I just queried the same with my bank. The reason they said for this was because we haven't drawn down the total mortgage yet as we are going to renovate. They said that it will eventually even out and we would definitely get the full amout due to us by the end of the year.

wexford said:

thanks guys! the bank seem to be at the root of the problem.. have contacted revenue.

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Any chance you could tell us more?

well, it has taken the bank 4 months to complete a transfer of ownership, the term of the mortgage was incorrect and they still had 2 names on the deeds... not to mention charging for 2 lots of life assurance instead of one, and charging me house assurance when i already had that with another company...

I also took out a topup on the mortgage and that confused the bank altogther...???!!!!

Is a top-up loan added to the mortgage for interest relief purposes or is it treated as a separate loan by revenue? (ie, is it the interest relief for one person divided between the mortgage and the top-up? )

thanks!

wexford said:

Is a top-up loan added to the mortgage for interest relief purposes or is it treated as a separate loan by revenue? (ie, is it the interest relief for one person divided between the mortgage and the top-up? )

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Interest on the top-up only attracts mortgage interest relief if it is used to purchase or renovate the property. Otherwise it does not attract relief.