The mortgage interest relief measure in the budget will benefit an estimated 214,000 people who bought their first home during the peak of the property boom.
This increase in mortgage relief will free up a significant amount of money for hard pressed families and help them hold on to their homes. By increasing the Mortgage Interest Relief to 30% for people who bought between 2004-2008, Minister Noonan has eased the pressure on those who are possibly the biggest victims of the economic collapse. Increasing mortgage interest relief was at the core of Fine Gael’s proposals during the General Election.
I am extremely pleased that we are able provide this essential support to families who may be teetering on the edge of mortgage default and those living in fear of losing their jobs. I have heard from so many people who paid hugely inflated prices for their homes and are now struggling to pay their mortgage. I genuinely believe that this measure will make life a little bit easier for them.
Despite the extreme challenges involved in managing the economy in these very challenging times, we are determined to be as fair as possible. One of the first actions of this Government was to reverse the cut in the minimum wage which was introduced by the last Government. As with the abolition of the Universal Social Charge (USC) for low earners and yesterday’s increase in mortgage interest relief, I am pleased that we now have a Government that is determined to be as fair as possible throughout the budgetary process.
This is the first Government measure taken since the property market collapsed in 2008 that has given hope to struggling homeowners that bought their first home during the boom.
Is it a first home if your parent’s paid for the house and put it in your name?
You are so aewosme for helping me solve this mystery.
Intelligence and simpliitcy – easy to understand how you think.
A first home for your child?
Perhaps a first home in many cases is an investment with rental income and in the child’s name. Does mortgage interest relief still apply?
I really couldn’t ask for more from this atricle.
Many people who didn’t buy a home are paying for all those that jumped on the property ladder. Everybody know’s the risk in investing and investments – the price can go up and down. I see no need for any assistance with Mortgage Interest Relief. If people can not afford to keep their repayments up, then let them sell there homes on the market.
Is this market intervention fair? It’s not really. It’s actually just sustaining an artificial environment helping the rich get richer.
Too many compliments too ltitle space, thanks!
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