Finian McGrath (Dublin North Central, Independent)
Link to this: Individually | In context

Question 137: To ask the Minister for Finance his views on a matter (details supplied). [16200/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

The position is that Mortgage Interest Relief for principal private residences will continue for first-time buyers and others who bought their homes within the last 7 years. From the first of May 2009 Mortgage Interest Relief is only being withdrawn for those individuals that have already been in receipt of mortgage interest relief for more than seven years. I believe the decision to curtail the relief is justified given the significant recent reduction in interest rates and in house prices. In addition relief will continue to be available for qualifying loans taken out to purchase a new home, or for the repair, development or improvement of an individual's principal private residence.

It is important to point out that the maximum reduction in relief available to individuals as a result of this curtailment will be €900 per annum or €75 per month for a couple and €450 per annum or €38 per month for a single person.