Mortgage Interest Relief

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Bought house in 2012 so Mortgage Interest Relief applies to my mortgage. I know it reduces over the next couple of years, was 75% in 2018 and reducing to 50% for 2019.

I noticed on my bank account that for January 2019 it was €37.50. But last year it was €83.54 per month when it equated to 75% relief.

I would have expected 50% to equate to €55.69 based on the monetary amount for 75% relief.

Am I missing something? (There was no interest rate change on mortgage either )

Cape Clear

Alden Ancient Summertime wrote: »

Bought house in 2012 so Mortgage Interest Relief applies to my mortgage. I know it reduces over the next couple of years, was 75% in 2018 and reducing to 50% for 2019.

I noticed on my bank account that for January 2019 it was €37.50. But last year it was €83.54 per month when it equated to 75% relief.

I would have expected 50% to equate to €55.69 based on the monetary amount for 75% relief.

Am I missing something? (There was no interest rate change on mortgage either )

A couple of examples here on the revenue site which may fit your circumstances. https://www.revenue.ie/en/property/mortgage-interest-relief/thresholds-and-rates.aspx

vkus6mt3y8zg2q

Cape Clear wrote: »

A couple of examples here on the revenue site which may fit your circumstances. https://www.revenue.ie/en/property/mortgage-interest-relief/thresholds-and-rates.aspx

Thanks for that link. I understand it now from one of those examples!