It may be useful to demonstrate the effect of the changes using a few examples. Subject to borrowers having sufficient interest repayments to absorb the mortgage interest relief ceilings this measure could be worth as much as an extra €3,500 over a five year period to a first-time buyer couple and as much as an extra €1,750 over a five year period to a single first-time buyer. A first-time buyer couple in year one or two of their mortgage will be a maximum of €1,000 better off per year or approximately €84 per month. A single first-time buyer in year one or two of his or her mortgage will be a maximum of €500 better off per year or approximately €42 per month. A first-time buyer couple in year three, four or five of their mortgage will be a maximum of €500 better off per year or approximately €42 per month. A single first-time buyer in year three, four or five of his or her mortgage will be a maximum of €250 better off per year or approximately €21 per month.

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