Increase in mortgage interest relief major boost to boom time buyers – Deering

6th December, 2011

Carlow Fine Gael TD, Pat Deering, has welcomed the decision by the Minister for Finance, Michael Noonan, to honour a Fine Gael commitment to increase mortgage interest relief for those who bought their first home at the height of the property bubble.

“I have raised this issue with the Minister on a number of occasions, as it is something that is of huge importance to families who are struggling to meet their mortgage repayments. This measure was something that Fine Gael promised to implement if we got into Government, and I am delighted that we have been able to live up to that commitment.

“Many people who bought their first home at the peak of the property bubble have either lost their jobs or have had their incomes severely reduced. They are struggling to meet their monthly mortgage repayments and this initiative will give them a vital lifeline. The Minister is directly focussing on the negative equity generation, who feel so damaged after the economic turmoil of recent years. This is also coming at a time when interest rates are going in the right direction”

“While this measure does not address mortgage related difficulties faced by all struggling homeowners, it will help a significant cohort of people and is a step in the right direction.”