Property & Mortgage Facts

 Estimated Monthly repayment per €1,000 borrowed

Interest Rate assumed

Mortgage Term

10 yrs

15 yrs

20 yrs

25 yrs

30 years

4%

€10.11

€7.38

€6.04

€5.26

€4.76

5%

€10.58

€7.88

€6.57

€5.82

€5.34

6%

€11.06

€8.40

€7.12

€6.40

€5.95

 

Mortgage Interest Relief

 

Maximum allowance

1st time buyer  of principal private residence between 1/1/2004 and 31/12/2008

1st time buyer

With qualifying home loan from 1/1/2009 onwards

Other Qualifying mortgage

Single

€10,000*

€10,000*

3,000

Married/Widowed/civil partners

€20,000*

€20,000*

6,000

 Rate at which relief is granted .

Yr 1 & 2

30%

25%

15%

Yr 3 – 5

30%

22.5%

15%

Yr 6 & 7

30%

20%

15%

Yr 8+

30%

15%

15%

*Falls to €3000/€6000 after year seven.

For all mortgages started between 1 January 2004 and 31 December 2012, entitlement to relief expires at the end of 2017.

For mortgages started before 01/01/2004, entitlement to relief expired in 2009.

No relief will be allowed for mortgages taken out after 31 December 2012.

 

Benefit In Kind

BIK – Preferential Loans – Specified rates 2013
Qualifying Home LoanOther 5.0%  now 4%12.5% now 13.5%


Stamp Duty Rates

First  €1m

Balance

Residential

1%

2%

Commercial

2%

2%

 

Capital Gains Tax

For properties bought after 6/12/2011 and up to 31/12/2013, where the property is held for more than seven years, the gains accrued in that seven year period will not attract CGT.

 

Local Property Tax

Applies to all property  for the second half of 2013 and yearly thereafter.

Yearly rate is 0.18% of the market value up to €1m and 0.25% on excess above €1m.

The Household Charge will cease with effect from 1 January 2013.

The Non-Principal Private Residence (NPPR) Charge will cease with effect from 1 January 2014.

However, unpaid arrears together with any interest and penalties that have accrued will remain a charge on the property to which they relate.

 

 

 

Disclaimer: Eamon Porter trading as Aspire Wealth Management accepts no responsibility for any of the information contained herein. The information listed above was correct at the time of preparation (February 2013), and is based  on the Budget 2013 Statement – January 2013.

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