Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Change in mortgage rates - TRS changed?

Options
  • 10-03-2011 2:26pm
    #1
    galah
    Registered Users Posts: 2,215 ✭✭✭


    Hi all,

    can't find any info on the revenue site (and won't be able to ring AIB until I get home), so maybe someone here knows.

    We've just come off one fixed rate for our mortgage and are now going onto another, slightly higher one (repayments increase by 100/months). Will AIB automatically inform revenue of the increased interest repayments, and thus adjust TRS automatically, or do I have to do anything?

    And actually, on that topic - how does that work if you're on a variable rate? Is the tax relief adjusted monthly when the rates go up?

    Cheers!


Comments

  • Options
    #2
    rainbowtrout
    Registered Users Posts: 15,382 ✭✭✭✭rainbowtrout


    You don't have to do anything with TRS. It will adjust accordingly as your interest rate changes.


  • Options
    #3
    delly
    Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 7,683 Mod ✭✭✭✭delly


    There is a maximum TRS per month, so an interest rate increase will very likely have no effect on your TRS as your probably claiming the max per month as possible.


  • Options
    #4
    galah
    Registered Users Posts: 2,215 ✭✭✭galah


    nah, as far as I know we're not at the max (limit is 20 k interest per year for married people according to revenue, we're nowhere near that), but good to know that it's adjusted automatically for us!

    cheers!


Advertisement