TRS explanation

N

nailler

Guest
Hi guys... just looking for an Eddie Hobs explanation of TRS on mortgage.

I am buying my partner out (relationship went sour :() ... I will be getting a mortgage for 363k and will have FTB status (have to apply for exemption).. so if I say my repayments were around €1830 per month how much will that replayment be with TRS deducted, do I read it right that I've a ceiling of 800 per annum?
 
You (a single borrower) are entitled to a maxium of €8,000 per annum at the standard rate of tax, i.e. 20%. That works out at €1,600 or €133 per month.

I am presuiming that your interest payments will be more than €8,000 per annum, you can verify this yourself by running the numbers through the mortgage calculator at www.jeacle.ie

P.S. I am not Eddie Hobbs, but thought I would answer anyway.
 
Thanks CCOVICH! As close to Eddie as I would have hoped. Yeah the payments will be more than 8k p/a at the start.
 
Bear in mind that it is only interest that attracts TRS, not the total payment, but this isn't likely to matter for a while.
 
Good Morning,

Does anybody know of a calculator or website that works out TRS?

Thanks

Paul
 
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