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Mortgage Interest Relief

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  • 05-02-2008 10:43pm
    #1
    Electric
    Registered Users Posts: 539 ✭✭✭


    Apologies if this is in the wrong forum, but I'm just wondering if anyone can explain mortgage interest relief to me.

    Basically all I know about it is that if your a first time buyer you get some money back each month for the first seven years of your mortgage.

    But how is it calculated, how much do you get back and do you get more if you have a bigger mortgage? And does it apply if you have a guarantor on your mortgage i.e. your parents?

    Any help would be excellent!


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    #2
    fasty
    Registered Users Posts: 981 ✭✭✭fasty


    Here you go!


  • Options
    #3
    Electric
    Registered Users Posts: 539 ✭✭✭Electric


    Thanks for that!

    So if for example your monthly repayments are 1500 pm and 500 of that is interest and mortgage interest relief is calculated at the standard rate of 20%.

    Does that mean that you would be refunded €100 per month?


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