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mortgage relief - wha?

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mortgage relief - wha?

Postby noddy1 » Thu Sep 22, 2022 10:12 am

A few quick questions as i want to sort it out in my head (messier than my desk at the mo... :roll:
so we found teh dream home and are going place the deposit at lunch. Our mortgage repayments look like €1,428 per month from the bank online calculators but i have not factored in the mortgage relief - what is it likly to be on a loan of that size?
and am i right in thinkin that it is only for the first 7 years?
any other hints tips or pitfalls of buyng my palace - please point out of forwver hold your peace !
God thats awful...
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Postby Geraldine060505 » Thu Sep 22, 2022 10:14 am

Assuming that ye are both first time buyers - ye will get the max which is 66.67 each per month. This reduces to approx 50 ish after the first 5/7 years (cant remember)
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Postby pricilla » Thu Sep 22, 2022 10:17 am

I think it's €66 per person. If you go to http://www.askaboutmoney.com you'll have a great time. There's tons of information there about mortgages and home buying. Congratulations :D

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Postby noddy1 » Thu Sep 22, 2022 10:19 am

thanks lads - it cant be as bitchy as here has been lately - im off for at least an hour :D
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Postby Astra » Thu Sep 22, 2022 10:21 am

Noddy,

The lenders usually filter in the tax relief on their calculators so that is the figure that you will more or less be paying every month. The reason they do this is because you have to take out mortgage protection/life insurance with your mortgage which is just about the same amount that you would get in tax relief.

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Postby workingmom » Thu Sep 22, 2022 1:44 pm

I had to apply for this in arrears, but my mortgage payments went UP I swear, how can I check if we have had this applied to our payments?
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Postby mrswed0505 » Thu Sep 22, 2022 2:14 pm

Hi

My understanding of it is that every one gets mortgage interest relief, but if you are a first time buyer you get double tax relief for the 1st seven years. Not sure if this is correct must check it out
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