TRS - does this amt seem correct?

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Maid Upname

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Our mortgage is 233k .... the money refunded by revenue TRS to our account is 53euro - does this sound correct ???

Thanks !
 
Re: TRS - does this amt seem correct ??

TRS is calculated based on the amount of interest you pay. So at €53 per month, you are registered with Revenue as paying €3,180 interest per annum, which does seem low. What are your monthly repayments on your mortgage? Were you receiving more than €53 last year?
 
Re: TRS - does this amt seem correct ??

Please post the original amount borrowed, start date, term and rate of the mortgage.
 
Re: TRS - does this amt seem correct ??

c'man - will have to heave through paperwork ! (will do !)
thought it was a simpler answer then that ...
so-creates - it isnt our first mortgage (in fact its our 3rd !)
bought/sold built/sold and now built 5.5yrs ago !
it does still seem really low for the amt of interest we do pay on a mortgage of this size.. will dig out the paperwork then !
 
Re: TRS - does this amt seem correct ??

Maid Upname said:
it does still seem really low for the amt of interest we do pay on a mortgage of this size.. will dig out the paperwork then !
Click to expand...
Easiest thing is to get the details I mentioned above, punch them into Karl Jeacle's mortgage calculator, choose Annual Table and then look at the annual interest figures. These subject to the owner occupier mortgage interest relief levels applicable to your situation determine what relief you should get. If that info is not close to hand but your statement is then how much interest are you paying this year and last year for example? Also - are you saying that you have been mortgage holders for a total or 5.5 years in which case you would have 1.5 years of your "FTB" preferential rate period remaining?
 
no we have this particular mortgage 5.5yrs - this is our 3rd mortgage
our first was taken in 1995 !! (oh to have a mortgage of 43k's ..bliss)
 
OK - so at this stage you don't qualify for "FTB" preferential rates of relief as you are outside the 7 year "FTB" period. So the [broken link removed] that you qualify for in 2008 is €3K @ 20% = €600 per annum per mortgage holder. This equates to a tax credit (reduction of your mortgage interest bill) of €50 p.m. per mortgage holder. Of course if you pay less than the maximum relief amount then you get relief only on the actual amount paid. This would be the case if the €53 which you are actually getting is correct. Does that help at all? As before if you post your mortgage start date, original amount, rate and term then the calculator mentioned above will clarify things further.
 
After following all the earlier advice If you are still think your trs is wrong -why don't you phone or email the tax relief at source section of Revenue, you'll find the phone number on www.revenue.ie .
 
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