Mortgage interest relief from Budget

JVince

https://www.boards.ie/discussion/comment/121695660#Comment_121695660

It will be a refund for 2023. Paid into your bank account

very straight forward. EG paid 2300 interest in 2022, paid 7300 interest in 2023, balance is over €100k, difference 5,000. 20% rebate, €1,000.

At the same time check every other available relief - especially medical. Doctor visits, prescriptions (the monthly max of €80 can be claimed against - net €64), consultant visits, some dental visits (excludes routine dental)

Certificate of interest is sent to you every January by your mortgage bank. If you threw last year's out, they'll send a new one (even kbc and ulster can do that).

Very easy money for those that qualify and does take some of the paid of increased interest away.

Mama lion

Thank you for this. It'll be a nice boost. I have all documents for 2022 and 2023. Turns put paid an additional 7k in interest.

I've already done meds expenses etc. Completely forgot about this 😳

I'm assuming I'll be able to amend once it's available.

Desertmoon1

Hi just went in to do this as its showing as available to claim now. Have my interest statements and my LPT property ID but when I go in it asks how much interest both myself and my husband paid each? We are jointly assessed. Like we both work so both contribute. Do I just put in half the interest for each of us or what?

Mama lion

https://www.boards.ie/discussion/comment/121696671#Comment_121696671

We're the same. I can't remember exact wording but it said if jointly assessed the person submitted the form can be considered sole payer. Something to that effect. Like I said can't remember exact wording, Maybe someone who is submitting can post a screenshot.

rpurfield

This might sound like a stupid question but in terms of the proof of a qualifying mortgage at the end of 2022 have people used the annual statement or is it on the certificate of interest too? I misplaced the 2022 certificate so had to reorder and I can't find anything that gives an end of 2022 balance!

Mama lion

We got a statement of payments and interest for 22 and 23 . With them was a letter stating our balance as at 31 Dec 2022.

Realtine

AM I looking at the wrong thing on Revenue? This 'halfwit' (ahem)is trying to fill in the form on revenue and it's asking me about if money was spent on renovations or improvements or if its a new loan?

Thats not what I want at all, I want to claim the interest relief so can someone send a link or tell me exactly where it is?

thanks

relax carry on

https://www.boards.ie/discussion/comment/121711685#Comment_121711685

https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/mortgage/how-to-claim.aspx

There you go

Realtine

https://www.boards.ie/discussion/comment/121712793#Comment_121712793

Well, thank you very much!❤️

esker72

Anybody received their Statement of Interest from AIB yet? I was with Ulster Bank and mortgage got transferred over to AIB. Got my cert for first part of the year from UB a few weeks ago but AIB being very slow. Would have expected the bank thats closed to be the one to be slow

cgc5483

https://www.boards.ie/discussion/comment/121719452#Comment_121719452

Mine came a week or so ago

Isthisthingon?

https://www.boards.ie/discussion/comment/121719452#Comment_121719452

if you are signed up for Internet banking, Go Online and view your mortgage statement. The cert of interest will be there for 2023.

jgbyr

Anyone else not seeing the Mortgage Interest Relief 2023 category under their Revenue account details? We checked ours but it's not there. Will have to wait to ring them as they only take calls up to 13.30.

nhg

https://www.boards.ie/discussion/comment/121729742#Comment_121729742

It’s in the ‘add tax credits’ section when you are completing the 2023 income tax return

cgc5483

Submitted mine last Thurs and got my refund into my bank account this morning, very efficient

Sharon_B

https://www.boards.ie/discussion/comment/121729742#Comment_121729742

Did it appear on your account at all? It's not on mine when I went to do the return this morning. It's supposed to appear under Employing a Carer? Anyone else not seeing the option to click on Mortgage Interest Credit?

Screenshot 2024-02-15 at 12.38.13.png

Sharon_B

https://www.boards.ie/discussion/comment/121719452#Comment_121719452

Haven't received mine as of yet, 15/2. Just emailed AIB to request them to send it.

esker72

https://www.boards.ie/discussion/comment/121770634#Comment_121770634

I rang last week and they said it would be out in a few weeks. I think they have a different (or no) system for the mortgages they took from Ulster Bank. Experience of AIB so far is making me wonder if the wrong bank went bust.

jgbyr

https://www.boards.ie/discussion/comment/121770623#Comment_121770623

No, no sign of it. We rang Revenue & the person we spoke to seemed unsure about it. She put us on hold & came back to say that it's not set up yet & could be the end of February before it's active.

jgbyr

https://www.boards.ie/discussion/comment/121770634#Comment_121770634

I emailed AIB a few weeks ago for the certs & balance statements & they sent them out within a few days.

Sharon_B

https://www.boards.ie/discussion/comment/121772076#Comment_121772076

I deleted the return I had already begun and started a new one, the Mortgage Interest Credit then appeared.

jgbyr

https://www.boards.ie/discussion/comment/121787085#Comment_121787085

Tried that earlier, still not showing.

Borderbuster

just wondering what to do in my situation.

Ive 2 mortgages in the south. Myself and the wife work in the north. We pay our taxes to HMK. We dont do yearly tax returns to the south (as like 1000's of people living along border).

I fixed both mortgages in April 2022 for 10 years (super rates compared to today). Maybe I'm not entitled to anything?

I dont want to make an enquiry with revenue. i dont want an audit. I do have a PPS number, but haven't used it since 07.

is it fair to that people can only avail of the tax relief thru their credits? what if one doesn't work in the state?

Why isn't this done thru the bank like the Mortgage relief pre 2012? that was fine, I was getting the relief back i was entitled to.

any advise would be appreciated.

thanks

P O'Neill

esker72

https://www.boards.ie/discussion/comment/121824382#Comment_121824382

If you're on a fixed rate I'm guessing your mortgage payments will have stayed the same for both years. The relief is only available for 20% of the increase in interest between 2022 and 2023.

Natibaby

Still no sign of it for us, rang twice told they have delays

jgbyr

https://www.boards.ie/discussion/comment/121853258#Comment_121853258

Thanks for the info . It's not on ours either & we were going to call them. Ridiculous carry on really.

Natibaby

https://www.boards.ie/discussion/comment/121853352#Comment_121853352

Sorry I meant to reply to @esker72 . Still no sign of our cert, same UB mortgage transferred to UB. Hoping the revenue bit will go smoothly whenever we get it

Dodge

Revenue took one day for us. Unlike some tax credits etc you can’t submit without documents. Mortgage interest cert for 2022 and 2023 and document to show balance at end 2022

Very straightforward in the end (we had already submitted medical expenses etc)

Buddy97mm

https://www.boards.ie/discussion/comment/121854019#Comment_121854019

Same here, amended Statement of Liability issued within 24 hours of submitting (including submitting docs) and money received a few days later.

Did find it initially confusing as to where to claim and submitted claim for health expenses before realising mortgage credit should have on same Form 12, but no issue amending this form a few days later.

Dealerz2.0

I have raised a design flaw (in my opinion!) with this relief.

my sister in law has a qualifying loan under this scheme. I submitted all the relevant forms on my account for her. She is a low income paye worker.

When she got the statement of liability she got no relief as she has no outstanding tax (after credits) that this relief can be applied against she is not “entitled” to it.

it is being treated as a tax credit when it should be treated as a mortgage interest relief

it is my opinion that this budget cost of living measure should have been processed through the banks, not revenue.

I have raised the issue with local TD’s on her behalf.

Dodge

You’ll get a standard answer written by a mid level civil servant. It’s a one off measure and won’t be changed.

The rules and application of this scheme were clear from day one.

esker72

Rang AIB on Friday looking for interest cert as still no sign and becoming a bit of a joke. Got the "sorry, we're sending them out in batches" line from the guy on the phone. Not really good enough so had a little rant, pointless I know, but didn't want to say that's fine. Landed home that evening to find the cert in the postbox. Good to finally have it but mad that it took that long.

Sorry to bring this up - quick question regarding this. There is LPT outstanding for 2023, and previous years that I didn't know about. Does the whole lot (every year) have to be cleared before progressing or if 2023 is in order, is that ok?

Grogsy

Hi, I have a mortgage with my sister that will qualify for this. I finally got the paperwork I needed, but I've no idea how to apply for it - jointly for the 2 of us? Or do we each have to apply separately?

And to make it worse, the site doesn' work properly for me. There seems to be a technical issue, in that when I get to step 3, you can't scroll down to see what info you need to add. You just get stuck. Anyone else seen this issue?

I'm not getting much help from revenue.ie about it.

nhg

https://www.boards.ie/discussion/comment/122093810#Comment_122093810

You both claim separately on your own income tax return & you both upload the same supporting documents.

When you log back into MyAccount and start to complete the income tax return again, if you get the option Edit / Delete please select Delete to clear the previously saved data and to refresh the income tax return which will clear any technical issues that may have been on the site when you were last trying to submit the income tax return.

Sharon_B

https://www.boards.ie/discussion/comment/122093810#Comment_122093810

I am having this issue also. Finally got the paperwork from AIB and logged on to claim the credit. And can’t get any further than step three. I deleted the claim and started again but same issue. I’ve contacted revenue through My Enquiries and waiting for a response.

Sharon_B

Did this work for you? I’d done that, deleted the original form, and restarted but same issue is occurring.

Sharon_B

https://www.boards.ie/discussion/comment/122093810#Comment_122093810

Logged in again today and see that the system is fixed now for me, submitted the application successfully.

Grogsy

The same here. I clicked Delete instead of Edit, and was just now able to get through the process. Woop woop. Now my sister has to do it herself too. She won't like hearing that :)

amd64

https://www.gov.ie/en/service/5157e-homeowners-once-off-payment/

Have a read of this for people who qualify but didn't have enough tax paid.

https://www.boards.ie/discussion/comment/122595911#Comment_122595911

As if the mortgage interest tax relief wasn't bad enough, we're now giving handouts to people because their mortgage repayments increased as per the terms of the agreements they signed. This country is unbelievable sometimes.