Budget 2009: Increase in mortgage interest relief for first-time buyers
The Finance Minister has announced an increase in mortgage interest relief for first-time buyers.
From the 1st January 2009, the rate will increase from 20% to 25% for the first two years of the mortgage and to 22.5% for the following three years.
To fund this change, the mortgage relief for non-first-time buyers will be reduced from 20% to 15%.
Minister Brian Lenihan said: "This rebalancing makes for a fairer system. It helps those buyers with the biggest financial exposure and those facing falling property values."
Mr Lenihan said the changes would apply to those who purchased from January 1st 2005.