Mortgage Interest Relief increase for first time buyers

Mortgage Interest Relief increase for first time buyers – Farrell 

Fine Gael TD for Dublin North Alan Farrell has commended the Minister for Finance Michael Noonan on the announcement in today’s budget that first time buyers between 2004 – 2008 will receive an increase to 30% Mortgage Interest Relief. 

“This increase was at the core of Fine Gael’s proposals during the election, and I am very pleased that we are able bring about this essential support to young hard pressed families teetering on the edge of mortgage default and those living in fear of losing their jobs.

“Dublin North had one of the largest populations expansion rates in the country during the boom and therefore it has become a region in which the number of young families in negative equity is extensive.

“It was for this reason that I continued to lobby the Minister for Finance and cabinet members on this proposal on behalf of the large number of mortgage holders that have contacted my office for help over the last few months. 

“This is the first time since the property crash in 2008 that any Government has given hope to struggling homeowners that bought during the boom; a group that are among the biggest victims of the previous government.  

“One of the first actions of this Government was to reverse the cut in the minimum wage which was introduced by the last Government. As with the abolition of the USC for low earners and today’s increase in mortgage interest relief, I am pleased that we now have a government who, although forced to announce tough measures, are determined to be as fair as possible throughout the budgetary process”