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Am I entitled to a Tax Refund on my Mortgage Payments in 2023?

In the 2024 Budget the government included a temporary mortgage interest tax credit. This was only applicable for Interest that was paid in 2023.

How does the temporary mortgage interest scheme work?

  • You must have a mortgage on your primary residence with a balance of between €80,000 and €500,000

  • You must have paid interest on this Loan ( i.e. not interest only )

  • Your interest payments must have increased from 2022 to 2023 ( so trackers and variable rates will qualify )

  • Your property must be in the Republic of Ireland

  • You may also qualify if you are paying the mortgage repayment for a dependent or an ex spouse.

How much is the Tax credit worth to me?

  • You will get a tax credit on the increase in your interest payments from 2022 to 2023. The tax credit will be worth 20% of the overall increase capped at €1,250.

  • If you don’t have a full year for either 2022 or 2023, then it will be on a pro rata basis

So if your interest payment increased from say €4000 in 2022 to €8000 in 2023 then you will be entitled to a tax refund of €800

How do I apply for a tax refund on my mortgage payments?

You can apply for this from 31/1/2024. You will need to upload the following documents to

2022 and 2023 Mortgage Interest Relief Cert (this is provided by your bank and usually is posted to you by the middle of January)

Confirmation of your mortgage balance on 31/12/2022 (Your mortgage statement from last year will confirm this).

You should complete your full tax return for 2023 when completing the upload.

If you have any queries feel free to contract us on 086 229 3032

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