The greater the mortgage the greater the TRS?

[paddywhacker]

Just a question re TRS. I'm a non-first time buyer, (me and the wife have owned the house for ten years) but wondered if we move to another house with a more expensive mortgage - double what I'm paying now does the TRS increase in line with the extra interest? At the moment I'm getting €100 TRS a month on a mortage of approx 270k.

Thanks a mill,

 

[plant43]

It increases until you reach the threshold which is set at €6000 per annum for non-FTBs.

It seems like you are already getting the maximum amount of TRS.

 

[over2u]

For a non FTB the max TRS available is €100 per month. You cant claim any more relief

 

[Stifster]

isn't it double for a married couple?

 

[ClubMan]

The greater the mortgage the greater the TRS?

Up to the relevant relief limits - in your case joint/married owner occupiers outside the first 7 year relief period means a maximum of €6,000 of annual interest qualifies for relief at 20%.

You'd need to post your mortgage details (original amount, term, rate and start date) to see estimate your annual mortgage bill for the full term of the mortgage at some assumed rate.

Post crossed with previous ones.

 

[paddywhacker]

But €100 pm is only €1200 per year?

 

[ClubMan]

For a non FTB the max TRS available is €100 per month. You cant claim any more relief

isn't it double for a married couple?

That is double. The single "non FTB" limit is €3K p.a. The joint limit is €6K.

€6K @ 20% / 12 months = €100.

 

[paddywhacker]

OK, gotcha, thanks, post crossed with the others....

 

[over2u]

It IS double for married couple. €50 for single non FTB. SORRY

 

[ClubMan]

But €100 pm is only €1200 per year?

For joint buyers outside the initial preferential 7 year "FTB" rate period a maximum of €6K interest qualifies for relief at 20%. €6K @ 20% = €1,200 or €100 p.m. deduction on the repayments.

 

[tommyphelan]

I own an apt with my wife for the last 3 years. We were both FTB when we bought it.We are looking at buying a house soon. When we do, will we still have 4 years left of the higher TRS or do we automatically go to the lower TRS threshold ?

 

[ClubMan]

I own an apt with my wife for the last 3 years. We were both FTB when we bought it.We are looking at buying a house soon. When we do, will we still have 4 years left of the higher TRS

Yes.