Junior Minister Brian Hayes has warned that the mortgage interest relief scheme will not be renewed next year and says people have until December 31st to draw down a mortgage if they want to avail of tax relief of up to €5,000 for first-time buyer couples.
Mr Hayes said buyers must act before the “train will have left the station”
He described the incentive as “an offer of a lifetime” that “won’t come again.”
He said: “All our futures are based on getting the property market going again. People need to act fast to avail of it.”
There have been calls to extend the scheme as the property market looks to be stabilizing but this has been firmly ruled out.
First-time buyers will get up to €5,000 a year for six years in mortgage interest relief if they buy this year.
Mr Hayes said there was evidence of increased mortgage transactions in recent months, and urged people who may already have mortgage approval to “transact” their mortgages in the coming months to avail of the offer.
“If they don’t get on it now, the train will have left the station and it will be too late to act,” the Dublin South West TD said. “People should be aware that it’s coming to an end, and they should buy if they can.”