Claim up to €1,250 with the Mortgage Interest Tax Credit
Did your mortgage interest go up in 2023 or 2024? If so, you could qualify for a valuable mortgage interest tax credit and save up to €1,250.
What Is the Mortgage Interest Tax Credit?
The Mortgage Interest Tax Credit is a government tax relief for homeowners on their main residence. To qualify, your outstanding mortgage balance needed to be between €80,000 and €500,000 on 31 December 2022. This credit applies only to the increase in interest you paid in 2023 or 2024 compared to 2022. You can reduce your income tax by up to €1,250 each year, putting money back in your pocket.
How Much Can You Claim?
The Mortgage Interest Tax Credit lowers your income tax by 20% of the increase in mortgage interest you paid compared to 2022. The maximum amount of interest that qualifies is €6,250 per property. This means the highest tax credit you can claim is €1,250 each year.
This calculator is for illustration only and your inputs will not be saved.
How Much Can You Claim?
The Mortgage Interest Tax Credit gives you 20% back on any extra mortgage interest you paid compared to 2022. You can claim on up to €6,250 of interest per property, which means a tax credit of up to €1,250 each year.
This calculator is for illustration only and your inputs will not be saved.
How MFCU Can Help?
At MFCU, we’re more than just your mortgage provider. We support you through every step of your journey, including when it comes to claiming the Mortgage Interest Tax Credit. If you have a mortgage with us, we can provide your Mortgage Interest Certificates for 2022, 2023, and 2024.
Frequently asked questions
Can I claim if I paid interest for less than a full year?
Yes. The mortgage interest tax relief will be adjusted to reflect the actual time you held the loan.
Can more than one person claim the credit on the same property?
Only one tax credit applies per property. However, it can be split fairly between co-borrowers, based on the interest each has paid.
How do I claim the credit?
To claim, simply submit your Mortgage Interest Certificates and loan balance confirmations when filing your income tax return. We’ll provide the certificates and guide you through the entire process.
What if my income tax liability is less than the credit amount?
If your income tax liability is lower than the full credit amount, you’ll receive a refund equal to your liability, but it may not cover the entire credit.
When do I know if I qualify for this tax credit?
You qualify if your mortgage balance was between €80,000 and €500,000 on 31 December 2022, and your interest payments in 2023 or 2024 have increased compared to 2022
What if I paid off my mortgage in 2023 or 2024?
You might still qualify. The credit will be prorated based on how many months you paid interest during the year. Use our calculator to estimate your potential mortgage interest tax relief.
Can I claim if I’m self-employed?
Yes. If you’re self-assessed, you can claim through Revenue’s ROS system. Simply upload your certificates and complete the Mortgage Interest Tax Credit section of your return.
looking for more information?
We’re here to help you
Online tutorials
Give us a call
