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Tax Relief at Source [Baseless rumour]

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  • 26-11-2010 8:53pm
    #1
    dublin05
    Closed Accounts Posts: 8 ✭


    Did i hear correct that government are stopping mortgage interest relief. Also, surprised by poll results, from listening to media sounds like everyone is on €2k plus mortgages a month.
    I got a tracker and am waiting for my bank to buy it back from me as they are loosing a fortune on my. :P


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    #2
    iPlop
    Closed Accounts Posts: 2,822 ✭✭✭iPlop


    dublin05 wrote: »
    Did i hear correct that government are stopping mortgage interest relief. Also, surprised by poll results, from listening to media sounds like everyone is on €2k plus mortgages a month.
    I got a tracker and am waiting for my bank to buy it back from me as they are loosing a fortune on my. :P

    I hope to God you didn't hear that ,has anyone else hear this?


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    #3
    born2bwild
    Closed Accounts Posts: 1,419 ✭✭✭born2bwild


    dublin05 wrote: »
    Did i hear correct that government are stopping mortgage interest relief. Also, surprised by poll results, from listening to media sounds like everyone is on €2k plus mortgages a month.
    I got a tracker and am waiting for my bank to buy it back from me as they are loosing a fortune on my. :P
    If that happens I'm handing the keys in to EBS and renting. Forget it.


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    #4
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    TRS is being withdrawn on **new** purchases made from next(?) year. Existing mortgage holders are unaffected. TRS is gradually being reduced between now and 2017(?).


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    #5
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,505 Mod ✭✭✭✭johnnyskeleton


    born2bwild wrote: »
    If that happens I'm handing the keys in to EBS and renting. Forget it.

    If only it were that simple.


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    #6
    Oliver1985
    Registered Users Posts: 1,304 ✭✭✭Oliver1985


    Interest relief on residential mortgages was abolished in Budget 2010 with a gradual phasing out of mortgage interest relief (MIR) up to end of 2017. Loans taken out on or after 1 January 2013 will not qualify for MIR and the relief will be abolished completely for the tax year 2018 and subsequent tax years. The full year saving will be €485 million. Any acceleration of the withdrawal of interest relief would place unacceptable financial pressures on households with the highest risks of being in negative equity. Any move in this direction would increase the risk of default. There will be no change to current arrangements.
    .


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    #7
    ricman
    Closed Accounts Posts: 1,559 ✭✭✭ricman


    It was reduced to 7 years duration in a previous budget.so its gonna be even tougher for new buyers to afford a mortgage.at this rate there wont be many tax reliefs left for the average person in a few years ,tax relief on pensions is being reduced too.


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    #8
    Victor
    Registered Users Posts: 78,392 ✭✭✭✭Victor


    ricman wrote: »
    It was reduced to 7 years duration in a previous budget.so its gonna be even tougher for new buyers to afford a mortgage.at this rate there wont be many tax reliefs left for the average person in a few years ,tax relief on pensions is being reduced too.
    It will just push the price of houses down more.


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    #9
    ionapaul
    Registered Users Posts: 5,297 ✭✭✭ionapaul


    Victor wrote: »
    It will just push the price of houses down more.
    Exactly - at the end of the day it is a good thing for people wanting to buy in the future, IMHO.


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    #10
    Oliver1985
    Registered Users Posts: 1,304 ✭✭✭Oliver1985


    Fine Gaels budget policy has they will get rid of it for anyone buying after june 2011 and people who bought between 2004 and 2008 will get an extra 5% Which could help people out with another 900euro off there mortgage!

    I cant find Labour Policy on it!


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