DrMoriarty
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With apologies for all the [broken link removed] , two quick questions...
(a) If the TRS ceiling for a married couple is €5,080, what is the optimal loan amount to which a standard capital-and-interest repayment mortgage on a PPR (currently fixed @3.45%) can be reduced and still net the maximum useful tax relief (for a single-salary couple, wage-earner paying income tax @42% marginal rate)?
(b) The €5,080 quoted above is for non-FTBs. Tbph, I'm not 100% sure whether or not I still am one, for TRS purposes? — or whether it makes a difference, 12 years on? Our original (1994) mortgage with EBS was for the FTB purchase of our own home; this was subsequently rate-tarted from EBS to BoS to NIB, each time with a top-up — once for a deposit on a separate property investment, once to fund improvements to the PPR (I've only claimed TRS on the portion of the mortgage related to the PPR, obviously). With SSIA and other investments maturing, I now need to decide how much of the outstanding €91K mortgage balance I should clear, without losing out on TRS? (I already cleared the non-PPR element by way of a once-off capital repayment, so the total balance is now PPR-related and therefore TRS-eligible — I presume..?)
Thanks in advance for any advice you can offer...
(a) If the TRS ceiling for a married couple is €5,080, what is the optimal loan amount to which a standard capital-and-interest repayment mortgage on a PPR (currently fixed @3.45%) can be reduced and still net the maximum useful tax relief (for a single-salary couple, wage-earner paying income tax @42% marginal rate)?
(b) The €5,080 quoted above is for non-FTBs. Tbph, I'm not 100% sure whether or not I still am one, for TRS purposes? — or whether it makes a difference, 12 years on? Our original (1994) mortgage with EBS was for the FTB purchase of our own home; this was subsequently rate-tarted from EBS to BoS to NIB, each time with a top-up — once for a deposit on a separate property investment, once to fund improvements to the PPR (I've only claimed TRS on the portion of the mortgage related to the PPR, obviously). With SSIA and other investments maturing, I now need to decide how much of the outstanding €91K mortgage balance I should clear, without losing out on TRS? (I already cleared the non-PPR element by way of a once-off capital repayment, so the total balance is now PPR-related and therefore TRS-eligible — I presume..?)
Thanks in advance for any advice you can offer...