Mortgage Interest Relief
In Budget 2012, the minister for finance abolished mortgage interest relief, however the relief will be phased out over a number of years for qualifying borrowers who drew down mortgages prior to the 31st of december 2012.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| Maximum relief rates (The table below represents the last table prior to relief being withdrawn) |
|||||
| Status | Years | Ceiling per Year | Maximum Relief | Relief rate per year | Monthly Relief |
| First Time Buyer | 1 and 2 | €10,000 | 25% | €2,500 | €208.33 |
| First Time Buyer | 3,4 and 5 | €10,000 | 22.5% | €2,250 | €187.50 |
| First Time Buyer | 6 and 7 | €10,000 | 20% | €2,000 | €166.66 |
| Non First Time Buyer | All 7 years of loan | €3,000 | 15% | €450 | €37.50 |
For more information see www.revenue.ie