Did you know you could save yourself up to €23,000 by buying a home between now and the end of the year?
That’s because the current Mortgage Interest Relief Incentive will end on 31st December 2012. Those who qualify before then will benefit from interest relief until 2017, with huge savings available for first time buyers in particular.
Under the scheme first time buyers receive mortgage interest relief at 25%, while non first time buyers receive relief at 15%.
For example, if you bought a €450,000 house at a mortgage rate of 92% then your loan would amount to €414,000. Taking an interest rate of 5.35%, based on a current five year fixed term rate of 30 years, you could save up to €23,333.
That figure is available to a couple who are first time buyers, while a single first time buyer can avail of savings of €11,667.
A non first time buyer couple can make savings of €4,500, while a single non first time buyer can make savings of €2,325.
With that in mind would you consider buying before the end of the year?