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mortgage interest supplement

  • 08-02-2013 7:41pm
    #1
    churchtown2012
    Registered Users Posts: 111 ✭✭


    Hi all just looking to find out haw mortgage interest supplement (mis) is calculated.
    I had applied for it but it was rejected today. I am currently on interest only payments with my bank (due to my wife and I been out of work):(
    This is what we get and pay out:
    Social welfare payments 372.40 a week (2 kids )
    mortgage ( I.O ) 276.83 a month
    Tax relief 83.00 a month


Comments

  • #2
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    churchtown2012 wrote: »
    Hi all just looking to find out haw mortgage interest supplement (mis) is calculated.
    I had applied for it but it was rejected today. I am currently on interest only payments with my bank (due to my wife and I been out of work):(
    This is what we get and pay out:
    Social welfare payments 372.40 a week (2 kids )
    mortgage ( I.O ) 276.83 a month
    Tax relief 83.00 a month
    What reason did they give for the rejection? they can reject if they feel the mortgage was unsustainable when you took it out, but that seems a reasonable enough mortgage. I think you also need to be a year in MARP.


  • #3
    Cushie Butterfield
    Registered Users, Registered Users 2 Posts: 1,861 ✭✭✭Cushie Butterfield


    I could be wrong, but I don't think your problem is with how it's calculated, it's probably moreso that you aren't eligible to claim it yet. In order to qualify, new applicants must have entered into and complied with an alternative repayment arrangement with their mortgage lender for at least 12 months.

    So, after 12 months on interest only & assuming that your circumstances haven't changed, you should then be eligible to apply, though I'm surprised that you weren't informed of the reason why your claim was rejected.

    To answer your question about how it's calculated, assuming that you fufill all eligibility requirements & that you have no assessible means, going by your income as detailed above your monthly mortgage interest supplement would be approx €42.17 per month, assuming that your net monthly interest only repayments are €193.83 (€276.83 less €83.00)

    Your Weekly income: €372.40
    Your Weekly contribution towards mortgage interest: €35.00

    €35 x 52 ÷ 12 = €151.66

    Your monthly contribution towards mortgage interest: €151.66

    €193.83 - €151.66 = €42.17

    Your monthly mortgage interest supplement would be €42.17.

    [If your net monthly interest only repayments are €276.83 your mortgage interest supplement would be €276.83 - €151.66 = €125.17 per month]

    The above is assuming that your sole income is a social welfare unemployment payment, you fulfill all eligibility requirements & that you have no assessible means.

    You should contact whoever informed you that your claim was rejected (I don't know whether you dealt with a CWO or the central unit) & ask them to clarify the reason for rejection in writing & ask them when you might be eligible to re-apply.


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