Hopefully some of you financial whizz kids can help me out here. Got a letter off ptsb today saying i had a new repayment amount. Was a little shocked to say the least. Rang them up and the girl said my interest relief has been cut from €342 to €90 and she couldnt figure out why. Tried to get through to revenue but they had closed for the evening. Thought you were supposed to have this interest relief for 7 years ??
Must be a mistake ger,if you weren't entitled to it any more it wouldn't be cut to €90,it'd be gone completely. Get on to the TRS section of revenue and they should be able to tell you what the story is.
Yeah bit strange alright willie, ill be onto them tomorrow, surely if there was a cut in my interest relief i should have been notified as well
Ger your interest relief lasts 7 years but it's reduces over the years If you drew down your mortgage around this time of year then that's your answer
But could it reduce from 342 to 90 without notice?? Seems like a bit of a jump. 1st mortgage was drawn down in oct 05 that was cleared in June 08. Then had a while renting 2nd mortgage was drawn down in april 09. By my calculations ive had 5 1/2 years of relief so far
Sorry I thought it reduced by 90 not to 90 Yea that's a massive jump, something not right there I must check it out but didn't think you got mortgage interest relief on a 2nd mortgage
Ger, because you were a first time buyer in 2005 your ceiling has dropped from €10000 to only €3000 at a rate of 30% 10000 x 30% = €3000 per year max relief 3000 x 30% = €900 per year max relief For anyone who bought first time in 2006 this drop will kick in next year edit: above is based on an individual, double the ceilings for married couple
From memory i think thats still €3000 ceiling and 15% relief, best to get it from horses mouth tomorrow
Ger, Did you take out any top up loans after getting your second mortgage, perhaps equity release or loan for home improvements, extension etc ?
Mystery solved I took out my first mortgage in oct 05 so from that date i had 7 tax years of relief from then, they dont even take into account the fact i rented for a year between buying my second house, and the 3 months in 05 count as a full tax year, so i had 7 tax years of relief. 05-11 Ah well it was good while it lasted
Sorry pal, I was kinda hoping they were going to have to tell you they'd made a mistake and throw some dosh your way