Mortgage crisis: Noonan warns no extension of tax relief for first time buyers
THERE will be no extension to a generous tax relief deal for first-time buyers who buy before the end of this year, Minister for Finance Michael Noonan insisted today.
He said the higher relief would protect buyers from falls of up to 10pc in house prices.
The relief is worth up to €5,000 over a full year for a couple who buy before December 31.
The incentive means first-time home buyers receive mortgage interest relief at 25pc and non first-home buyers receive relief at 15pc.
But anyone who buys after the end of this year will not get any mortgage tax relief.
The Minister advised anyone thinking about buying to make sure they leave themselves enough time to complete the paperwork to ensure they qualify for the relief.
Housing experts had claimed the relief would be extended if there was no pick-up in the housing market.