Mortgage interest relief will not be extended, insists Noonan

Mortgage interest relief will not be extended, insists Noonan

Michael Noonan

Finance Minister Michael Noonan has rejected calls from his government colleagues to extend the mortgage interest relief deadline beyond the end of this year.

There had been calls from Fine Gael and Labour Party TDs to extend the scheme even for a few months after a noticeable upsurge in property activity since the summer.

At present first-time buyers receive mortgage interest relief at 25% with non first time buyers receiving it at 15%. In total, couples could save up to €27,500 when buying their first home because of the incentive.

However, speaking to The Sunday Independent at the weekend, Minister Noonan said he would not be extending the scheme beyond December 31st.

He said: “It was one year, that encouraged a lot of people to buy houses and they are still doing so.”

He added: “I am confirming there will be no extension to the mortgage interest scheme.”

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