Home News Mortgage interest relief to be cut in 2018

Mortgage interest relief to be cut in 2018

173
0
SHARE

Mortgage interest relief will be cut next year in a move that will affect about 300,000 homeowners.

The relief for people with loans from 2004-2012 is being continued to 2020 but at just 75% the rate in 2018, 50% in 2019 and 25% in 2020.

Minister for Finance Paschal Donohoe said it was stated in the Programme for Government, and confirmed in last year’s Budget, that it would be tapered out to 2020 for the remaining recipients.

Minister Donohoe is preparing to slash the mortgage interest relief by 25%. This relief allows homeowners who bought during the boom years claim tax back on their mortgage interest payments.

The value of the relief is based on the amount of interest that you pay in a tax year on a qualifying mortgage loan.