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Mortgage interest relief for first time buyer

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  • 16-08-2012 5:38pm
    #1
    monkey8
    Registered Users Posts: 386 ✭✭


    We bought a house in 2007 and we are getting 30% mortgage interest relief.
    I was told today my a friend that revenue only classifies you as a first time buyer for the first 7 years and so we will lose our mortgage interest relief in 2014 rather than 2017 will we initially thought.
    Can anyone clarify if this is correct?


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    #2
    lynchie
    Registered Users Posts: 1,994 ✭✭✭lynchie


    All the info u need is on revenues site. But yes its true

    http://www.revenue.ie/en/tax/it/reliefs/tax-relief-source-mortgage-rates.html


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


    monkey8 wrote: »
    We bought a house in 2007 and we are getting 30% mortgage interest relief.
    I was told today my a friend that revenue only classifies you as a first time buyer for the first 7 years and so we will lose our mortgage interest relief in 2014 rather than 2017 will we initially thought.
    Can anyone clarify if this is correct?

    You will receive mortgage interest relief right up until 2017 @ 30% because you bought between 2004-2008


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    #4
    sunnysoutheast
    Registered Users Posts: 2,072 ✭✭✭sunnysoutheast


    killers1 wrote: »
    You will receive mortgage interest relief right up until 2017 @ 30% because you bought between 2004-2008

    ....with a ceiling of €6000 on interest for which relief can be claimed (assuming you are married, if not it is €3000) from 2014, rather than €20000/10000. This may or may not be an issue, depending on the size of your loan.

    SSE


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