How much interest per month??

tannie_2

Hi there,
we are 2 years into a 30 yr mortgage the interest rate is 5.45%. Our mortgage is €967 per motnh after tax relief - whch is €162. I am wondering if anyone has the knowledge to roughly tell me hw much of our repayment is interest. Thanks

HMCma

Will depend on how much your initial mortgage was and whether the lender charges interest daily, monthly or annually. On a 30 year term, not much will be going on the repayment I'm afraid. Approximately 770 pm will be interest, remainder repayment.

Gorgeous_George

Not sure what tax relief you mean .

If you are paying £967 per month, I calculate that your mortgage is in the order of £170K. If so, after 2 years, £211 will be repaid off the capital with the rest (£756) being interest.

Or is it euros Do the Irish offer tax relief similar to MIRAS?

GG

tannie_2

thanks for your replies. Yes its in euros, here they offer TRS its tax relief at source, come from the revenue dept and is paid direct to the lender.

The inital mortgage was €223k, the statement came through for last year and it was only down to 217K, talk about a kick in the teeth!