This is a tax relief that you can
claim on the interest you pay on the mortgage of your principal
private residence, also know as Tax Relief at Source (TRS). The
relief is either received in the form of a reduced monthly
mortgage payment or a credit to the borrowers funding account.
The table below lists the current maximum mortgage interest
relief you can receive in any one year.
|
Thresholds |
First
Time Buyer |
Non First Time
Buyer |
| |
|
|
| Married/Widowed |
€20,000 |
€6,000 |
| Single |
€10,000 |
€3,000 |
First Time Buyer
You can claim 25% of the interest paid to the thresholds in the
table above for the first 3 years of your mortgage, 22% for the
following 2 years and 20% for the last two years.
Non-First Time Buyer
You can claim 15% of the interest paid up the thresholds in the
table above.
Example A: A married first time buyer couple paid €24,000 in
interest. Relief is €20,000 x 25% for the first three years (as
€20,000 is the maximum relief) = €5,000 per annum or €416 per
month.
Example B: A married non-first time buyer couple paid €24,000 in
interest. Relief is €6,000 x 15% (as €6,000 is the maximum
relief) = €900 per annum or €75 per month. |
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