Paul Gavan (Sinn Fein) | Oireachtas source

I move recommendation No. 11:

In page 26, between lines 4 and 5, to insert the following: "Report on Mortgage Interest Relief

14.The Minister shall, within one month of the passing of this Act, prepare and lay before Dáil Éireann a report on the introduction of temporary mortgage interest relief, available in respect of mortgages on principal private residences, applied at source on a monthly basis and equivalent to 30 per cent of the difference in interest paid in the relevant month relative to interest paid in the relevant month under the interest rate charged to the relevant mortgage in June 2022, capped at a maximum benefit of €1,500 per relevant household, for a period of 12 months.".

This recommendation calls for a report on the introduction of an alternative form of mortgage interest relief, providing monthly relief at source based on the interest that would have been paid in each respective month under the prevailing interest rate in June 2022, prior to the increase in the main ECB lending rate. It proposes a cap of €1,500 during the scheme's duration on the maximum benefit per household. There are a number of differences between this proposal and the Government's proposed form of mortgage interest relief. First, there are no balance restrictions. Second, as the Government's MIR provides relief based on total interest paid in 2023 compared with 2022, it will not capture the full scale of interest rate increases that have taken place over the course of 2023 and will take place in 2024.