Ulster Bank has put in place a 24 hour system to fast track mortgage applications for people hoping to avail of the current mortgage interest relief offer before it expires on December 31st.
The relief, which was introduced in last December’s Budget by Finance Minister Michael Noonan, is worth up to €18,000 for a couple who complete a contract and draw down their mortgage before the end of the year.
For a couple buying for the first time, the relief could be worth more than €2,000 next year alone.
The scheme allows first time buyers to receive mortgage interest relief at 25% while anyone who previously owned a home receives relief at 15%.
The government has described the tax relief as “the offer of a lifetime” but Minister Noonan has insisted that it will not be extended into 2013.
In order to meet the race against time to find a mortgage, Ulster Bank is now fast-tracking applications.
Other banks have also been encouraged to follow the lender’s lead and speed up the approval process.