Did you know that you are entitled to claim tax relief on the interest you pay on your home mortgage, at the standard rate of 20%?! Known as mortgage interest tax relief at source (TRS) means that from the commencement date to completion day of your loan you can receive monthly relief payments either in the form of a reduced mortgage … payment or as credit to your funding account!!
Dependent on your status i.e. first time buyer, single, married etc different relief rates will apply as will the ceiling i.e. the maximum allowable interest rate over the life of your loan.
So for all you first-time buyers out there listen up! From year one to seven of your purchase, the level of the ceiling for a single person is €10,000, and €20,000 for a couple!! A single first-time buyer in year one will qualify for a maximum of €208.33 a month & it has been estimated that a couple who are paying enough interest will be able to claim up to €416.66 a month from January ’09, i.e. this month!
So if you haven’t inquired or submitted your TRS form I recommended you go and do it now!