Mortgage Interest Relief
You'll be glad to hear you can get some of your hard-earned cash back by claiming Mortgage Interest Relief, or Tax Relief at Source (TRS). This relief is available to first time buyers for seven years. In year one and two of your mortgage, you can claim Mortgage Interest Relief at a rate of 25%; 22.5% in years three, four and five; and 20% in years six and seven.
Once you are approved for Mortgage Interest Relief, your mortgage lender will credit your paying account with the Interest Relief due after your full mortgage repayment has been made. So, for example, if the interest portion of your mortgage repayment was €100, your mortgage lender would credit your paying account by €25.
You need to apply through the Revenue for Mortgage Interest Relief. A Step by Step Guide is available on the Revenue website. For further information and quotes for Mortgage Interest Relief please contact the Revenue Commissioners directly on their helpline 1890 463 626 or simply log on to www.revenue.ie*
* Bank of Ireland accepts no responsibility for the content of Third party websites.