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Formula for calculation of mortgage interest relief

bmwguy · 2014-03-02 18:01:41

Hi, I'm becoming a bit paranoid about banks being able to count properly and do right by their customers. Is there a formula for calculating the amount of tax relief at source I should be getting. Is it correct that this expires after 7 years? I am moving into year 5 of my mortgage in April. I know the rate, term,…

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02-03-2014 7:01pm

#1

bmwguy

Closed Accounts Posts: 2,006 ✭✭✭

Join Date: August 2008

Posts: 1882

Hi, I'm becoming a bit paranoid about banks being able to count properly and do right by their customers. Is there a formula for calculating the amount of tax relief at source I should be getting. Is it correct that this expires after 7 years? I am moving into year 5 of my mortgage in April. I know the rate, term, principal if anyone can provide a formula. Thanks

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#2 02-03-2014 8:07pm
tigershould

Registered Users Posts: 545 ✭✭✭

Join Date: June 2010

Posts: 521

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

Eg. For last year I know how much interest I paid so it was 30% of that amount.

Something like:

Principle * mortgage interest rate * 30%

Note: I'm not an expert

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#3 03-03-2014 12:28pm
subway

Closed Accounts Posts: 6,131 ✭✭✭

Join Date: November 2005

Posts: 5469

wasnt hard to find
http://www.mortgages.ie/go/first_time_buyers/tax_relief_calculator

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