Wallace welcomes extension to mortgage interest relief

11th December 2009

“The extension of Mortgage Interest Relief for mortgage holders who now find themselves in negative equity and whose entitlement to relief is due to expire in 2010 will now receive it up to the end of 2017” welcomes Mary Wallace TD.

Deputy Wallace stated “Many families are under enormous financial strain at present. Many have seen a reduction in their wages or may have lost their jobs and are struggling to pay their mortgages. This measure will help assist people to some extent”.

The Renewed Programme for Government includes a commitment to introduce new measures to protect families having difficulty with their mortgages. Minister for Finance Brian Lenihan has requested that the Financial Regulator examine the six-month moratorium on legal proceedings already in the Code of Conduct in mortgage arrears to twelve months for all lenders.

For people considering the purchase of their first home qualifying loans taken out before 1st July 2011 will continue to get relief for 7 years. Transitional measures will be provided for qualifying loans taken out between 1st July 2011 and end of 2013.

Ends