T R S question

N

nemesis2001

Registered User
Messages
102
As far as I know in the last budget, the Government increased the TRS.
However, in our account, we still see that 225.61 is being deducted from our account as last year. Is the return being made in another way (i.e. less taxed on our wages) or is the bank making a mistake.
Would appreciate a response
 
how much is the interest component of your monthly repayment?
 
regedit2 said:
Is the return being made in another way (i.e. less taxed on our wages)
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No.

As rmelly says you need to post more details about your mortgage - e.g. the interest amount of your monthly repayments and whether or not you (and your co-buyer?) are still within the 7 year "FTB" preferential relief period.
 
Forgive me for my ignorance but how is this calculated. My wife is supoosedly the financial expert and she is away for a few days.
We are in our second year of our first morgage so we shouyld be well within the preferential relief period.
 
regedit2 said:
Forgive me for my ignorance but how is this calculated. My wife is supoosedly the financial expert and she is away for a few days.
We are in our second year of our first morgage so we shouyld be well within the preferential relief period.
Click to expand...

You can ring your lender and ask them for a rough indication of your annual interest amount.

Or you can do a very rough estimate yourself - amount of mortgage outstanding x interest rate.

If your annual interest is less than €20,000 (the ceiling) this means you're entitled to interest relief at 20% on all the interest you're paying.
 
LDFerguson said:
You can ring your lender and ask them for a rough indication of your annual interest amount.

Or you can do a very rough estimate yourself - amount of mortgage outstanding x interest rate.

If your annual interest is less than €20,000 (the ceiling) this means you're entitled to interest relief at 20% on all the interest you're paying.
Click to expand...

Thanks very much for that Liam
 
Thanks all.
The outstanding amount is 284K and the interest rate is 4.79 (fixed obviously). The mortage "matures" on the 01 Nov 2036. We started paying it in Dec 2006. The multiplication Liam just suggested results in 1355. I can see that our is 1534.89 Eu/month and the Mortgage Relief for Homeowners is 130 Euro so in theory we pay 1310 Eu /month. Does that sound OK?
 
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