MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
  • Mortgages
  • Property Report
MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
    • Mortgage Learning Center
    • Calculators
    • Best Mortgage Table
  • Property Report
    • All Properties
    • Houses For Sale
    • Apartments For Sale
    • Available To View
    • Overseas Holiday Homes
      • Properties For Auction
      • Upcoming Auctions
      • BER Assessors
      • Property Conveyancing Solicitors
      • Pre-Purchase Surveyors
    • Find Agents
    • All Properties
    • Houses To Rent
    • Apartments To Rent
    • Available To View
    • Share
      • Irish Holiday Homes
      • Overseas Holiday Homes
  • New Homes
    • For Sale
    • To Rent
    • Auction
      • Residential Land
      • Commercial Land
      • Farm Land
      • Farms
      • Sites
    • MyHome Living
    • Buyer Advice Hub
    • Property Report
    • Property Price Register
    • Price Changes
  • Mortgages
    • Rental
    • Holiday Homes
    • Commercial
    • Sharing
Advertisement
  • Home
  • Uncategorized
  • Homeowners may have to wait up to four months to receive mortgage interest relief
Uncategorized
Jan 5, 2012 - 16:47

Homeowners may have to wait up to four months to receive mortgage interest relief

The MyHome Newsdesk
By The MyHome Newsdesk
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
Homeowners may have to wait up to four months to receive mortgage interest relief

Mortgage holders expecting to benefit from additional mortgage interest relief, introduced in December’s Budget, could have to wait up to four months for the changes to come into effect, it has been revealed.

The Budget introduced a new 30%  rate of mortgage interest relief for first-time buyers who took out mortgages between 2004 and 2008, in a bid to help families with the biggest mortgages keep on top of their monthly repayments.

The move was widely welcomed at the time – but mortgage holders expecting their monthly repayments to be reduced this month were disappointed to see that their repayments had not fallen by up to €125 per month, as was to be expected.

This is because the new rate of relief – which is usually deducted at source – may not be formally adopted into law until mid-April, even though the relief was intended to act from January 1.

Advertisement

The delay came to light after confused borrowers queried the delay with their lenders and were told that the Revenue Commissioners had formally notified the lenders about the new regime.

TheJournal.ie reports that The Department of Finance has confirmed the new system will not be adopted into law for months, as it will only be contained in the Finance Bill, which may not be adopted into law until April.

The extra interest relief will be applied retrospectively – so mortgage holders can expect a small refund in April or May after it kicks in, but will have to put up with higher payments in the meantime, something that is sure to throw household budgets off course.

The Finance Bill – which provides legal effect to many of the Budget measures – is set to be published in early February, but will take several weeks to pass through the Dáil and Seanad before it is formally enacted.

This is unlike the Budget’s financial resolutions – which are voted on by TDs on the night the Budget is presented – and the Social Welfare Bill, which changes social welfare provisions and is adopted before the Christmas recess each year.

Advertisement

The Oireachtas is not required to formally pass the Finance Bill until four months after the Budget is delivered – meaning it may not be passed until early April, after which President Higgins may have up to a week to sign it into law.

Last year’s Finance Bill was rushed through the Oireachtas by the end of January, in order to allow the Dáil be dissolved and an early general election to be held.

A PDF booklet explaining the changes to mortgage interest relief under the Budget can be found on the Department of Finance site.

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • Budget
  • first-time buyers
  • mortgage interest relief
  • repayments
The MyHome Newsdesk
By The MyHome Newsdesk
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share

Helpful Links

Find your home on MyHome
Read more Articles
Calculate what you can afford to borrow
Welcome to the Retrofit Hub
Advertisement
Advertisement

Related News

What is a Heat Pump?
Uncategorized

What is a Heat Pump?

Feb 27, 2025
Living Cities Initiative
Uncategorized

Living Cities Initiative

Jan 14, 2025
Digital Services Act
Uncategorized

Digital Services Act

Mar 31, 2024
Avant Money and Finance Ireland announce new rates
Uncategorized

Avant Money and Finance Ireland announce new rates

Dec 09, 2021
Average deposit of first-time buyer was €52,000 in first half of the year
Uncategorized

Average deposit of first-time buyer was €52,000 in first half of the year

Dec 07, 2021
Frequent And Popular Searches
MyHome.ie Blog
Help
Jobs
About
Equality Guidelines
Brand Safety
Contact
Terms & Conditions
Cookie Policy
Privacy Policy
Digital Services Act
Sitemap
© Copyright MyHome.ie 2025
Advertisement