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

Mortgage interest relief query

Options
  • 05-04-2013 10:52am
    #1
    Rokc10
    Registered Users Posts: 8 ✭


    Hi,

    Current situ - getting MIR at 30% due to buying apartment in 2006 and living in it since, so will be entitled to this rate until 2017 if we stay put.

    Myself & husband are actively looking to buy a family home. Anyone know if we would be entitled to any MIR. I think i remember hearing we would be entitled to 20% up until 2017.

    Thanks in advance.


Comments

  • Options
    #2
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Rokc10 wrote: »
    Hi,

    Current situ - getting MIR at 30% due to buying apartment in 2006 and living in it since, so will be entitled to this rate until 2017 if we stay put.

    Myself & husband are actively looking to buy a family home. Anyone know if we would be entitled to any MIR. I think i remember hearing we would be entitled to 20% up until 2017.

    Thanks in advance.

    MIR was abolished on the 31/12/12 so you would not be entitled to MIR on your existing mortgage if it becomes a rented property. You will also not receive any MIR on your new mortgage on the new home.


  • Options
    #3
    Rokc10
    Registered Users Posts: 8 ✭Rokc10


    Thanks for your reply Killers. That will make a huge difference to our outgoings.

    Is there anyway around this?


  • Options
    #4
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Rokc10 wrote: »
    Thanks for your reply Killers. That will make a huge difference to our outgoings.

    Is there anyway around this?

    its a max of what €75 a month at your capped rate. Hardly a huge change in outgoing tbh.

    but no there is no way around it.


  • Options
    #5
    Rokc10
    Registered Users Posts: 8 ✭Rokc10


    It works out at €300 a month that Revenue are paying, this is based on a variable interest rate.


  • Options
    #6
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Rokc10 wrote: »
    Thanks for your reply Killers. That will make a huge difference to our outgoings.

    Is there anyway around this?

    Unfortunately there's no legitimate way around it.


  • Advertisement
  • Options
    #7
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Rokc10 wrote: »
    It works out at €300 a month that Revenue are paying, this is based on a variable interest rate.

    Thats not possible if you bought in 2006.

    You can get a max of 30% on a capped €3,000 of interest or 6,000 if your married. Basically 166 euro approx a month max.

    If you bought in 2006 and revenue / your bank are giving you 300 quid a month you are going to owe them back a fair whack when they realize they are overpaying you.

    http://www.revenue.ie/en/tax/it/reliefs/tax-relief-source-mortgage-rates.html you need to read the table in this link.


Advertisement