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I am a first time buyer but my partner is not. Is there a way to get interest relief?

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  • 18-04-2012 6:26pm
    #1
    rob880616
    Closed Accounts Posts: 6 ✭


    I am a first time buyer but my partner already has a property. Is there any work-around that will enable both of us to legally own the property but still avail of the interest relief?

    I can qualify for the mortgage by myself but as she will be paying half of the mortgage; she will need some security.

    Is there a legal contract that will suffice or is it more hassle than it is worth?

    rob


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    #2
    dearg lady
    Closed Accounts Posts: 2,091 ✭✭✭dearg lady


    Mortgage interest relief is per person so I see no reason why you wouldn't be able to claim it on your half of the interest, but maybe someone can clarify that.


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    #3
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    rob880616 wrote: »
    I am a first time buyer but my partner already has a property. Is there any work-around that will enable both of us to legally own the property but still avail of the interest relief?

    I can qualify for the mortgage by myself but as she will be paying half of the mortgage; she will need some security.

    Is there a legal contract that will suffice or is it more hassle than it is worth?

    rob

    As you are not married Tax Relief at Source is applied for individually by you both. You will get your full entitlement as a FTB and your partner will qualify for their reduced entitlement. There is no difficulty here whatsoever. Whether you decide to purchase the property on your own or as a couple is up to you but the tax relief isn't a factor in that equation..


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    #4
    Yeboah
    Registered Users Posts: 188 ✭✭Yeboah


    killers1 wrote: »
    As you are not married Tax Relief at Source is applied for individually by you both. You will get your full entitlement as a FTB and your partner will qualify for their reduced entitlement. There is no difficulty here whatsoever. Whether you decide to purchase the property on your own or as a couple is up to you but the tax relief isn't a factor in that equation..

    I didnt realise that both people had to apply to be honest, not getting married till next year. Im sure it wont take long anyways


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    #5
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Yeboah wrote: »
    I didnt realise that both people had to apply to be honest, not getting married till next year. Im sure it wont take long anyways

    Married couples complete 1 application form online, unmarried couples fill out the form separately & submit online. Usually takes 8-10 weeks for Revenue to inform your bank how much to reduce the DD by...

    http://www.revenue.ie/en/online/mortgage-interest-relief-online-facility.html


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    #6
    Yeboah
    Registered Users Posts: 188 ✭✭Yeboah


    killers1 wrote: »
    Married couples complete 1 application form online, unmarried couples fill out the form separately & submit online. Usually takes 8-10 weeks for Revenue to inform your bank how much to reduce the DD by...

    http://www.revenue.ie/en/online/mortgage-interest-relief-online-facility.html

    thanks killers1, not at that stage yet but hopefully a few more weeks all going well


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