Homeowners urged to ensure lenders pass on mortgage interest rate cuts

Homeowners urged to ensure lenders pass on mortgage interest rate cuts

Homeowners entitled to the 30% rate of mortgage interest relief introduced in December’s Budget have been advised to ensure that their lender is passing on the benefit to them.

Finance Minister Michael Noonan introduced changes to mortgage interest relief in the Budget which seen all those who bought between 2004 and 2008 receive a 30% interest relief.

However, some mortgage holders say their lenders have yet to pass on the cuts after claiming the Revenue Commissioners had not informed them of the new rules.

In a statement to TheJournal.ie, the Revenue Commissioners said all lenders had been notified about the new regime on December 6th – the day it was announced.

It added, though, that some lenders may require extra time in order to update their IT systems and provide for the new 30% rate, which had not existed previously.

A Department of Finance spokesman said all borrowers, whose lenders delay introducing the new scheme, should ensure that the relief is applied retrospectively when it does eventually kick in.

Although the new relief is not likely to take legal effect until April, the Department underlined that the scheme was intended to take effect from January 1st and that borrowers should be aware of this.

There is 1 comment for this article
  1. AIE at 9:46 am

    How about those FTBs like myself whom bought in 2011?

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