Increase in mortgage interest relief major boost to boom time buyers – McEntee
Statement by Meath East TD and Minister of State at the Department of Agriculture, Food and the Marine,
Shane McEntee TD
8th, Dec, 2011
Increase in mortgage interest relief major boost to boom time buyers – McEntee
Minister of State at the Department of Agriculture Shane McEntee has welcomed the decision by the Minister for Finance, Michael Noonan, to honour a very public Fine Gael commitment to increase mortgage interest relief for those who bought their first home at the height of the property boom, between 2004 and 2008. Speaking after Minister Noonan’s Budget announcement Minister McEntee said:
A commitment was made in the Programme for Government and I am happy to say that we have fulfilled our promise. The decision to increase the rate of mortgage interest relief to 30 per cent for first time buyers who took out their first mortgage in that period will help thousands of households throughout Ireland. Meath in particular saw a huge increase in population during the boom times as housing estates shot up around the county. Unfortunately people paid above and beyond what would now be considered a reasonable price for their homes and I think it only right that we assist them now that prices have plummeted.
Mortgage interest relief will no longer be available to house purchasers who purchase after the end of 2012 and will be fully abolished from 2018. However, first time buyers who wish to buy a home in 2012 will get mortgage interest relief at a rate of 25 per cent rather than the 15 per cent proposed by the previous Government and, non-first time buyers will benefit from relief at 15 per cent instead of the reduced rate of 10 per cent proposed by the last Government.
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