Can I get Tax Relief on my Mortgage?
You will get tax relief on the interest you pay on your mortgage. The tax relief is applied by the lender providing your mortgage.
Your monthly mortgage repayments are then reduced in line with this. Your lender should give you a TRS1 Form which you will need to fill in and send to:
The Office of theRevenue Commissioners
Collector-General’s Division
TRS Section
Sarsfield House
Francis Street
Limerick.
Website: www.revenue.ie
Am I Entitled to other Benefits?
If you are earning less than €28,000 a year (before tax and social insurance are taken off) or if you are a tenant of a local authority or voluntary housing association, you may qualify for help with your mortgage payments.
Mortgage Subsidy
A mortgage subsidy is help with your mortgage payments. To qualify, your household income needs to have been less than €28,000 (before tax and social insurance is taken off) in the previous tax year and have your mortgage with the local authority. Household income is the total income of the owners of the affordable home. If you qualify for a mortgage subsidy your monthly mortgage repayments will be reduced. Contact your local authoriy if you think you are eligible.
Mortgage Allowance Scheme
The mortgage allowance scheme is an allowance of €11,450 to go towards your mortgage, paid over a five-year period. If you are a tenant of the local authority, or you are buying the home you previously rented from the local authority, and you want to buy an affordable home, you may qualify for the mortgage allowance scheme.
The allowance is paid directly to the lender providing your mortgage and your repayments are reduced for the first five years of your mortgage. The allowance paid in any year cannot be more than the total mortgage repayments due in that year.
You may qualify for the mortgage subsidy and the mortgage allowance scheme, but you can only claim for one of them. Which of these gives you the most benefit will depend on your income. Contact your local authoriy if you think you are eligible.