Brian O'Shea (Waterford, Labour)
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Question 101: To ask the Minister for Finance the proposals he has to extend mortgage interest relief to the full term of qualifying loans; and if he will make a statement on the matter. [7401/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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In Budget 2010, I announced that I would be extending mortgage interest relief up to the end of 2017 for those whose entitlement to relief was due to end in 2010 or after. Qualifying loans taken out on or before 31 December 2011 will continue to get relief at current levels. Qualifying loans taken out after 31 December 2011 but before the end of 2012 will received the relief at a reduce rate. The reduced rate will be 15% for first-time buyers and 10% for non-first time buyers with ceilings of €6,000 for married couples and €3,000 for single individuals applying in both cases. Loans taken out on or after 1 January 2013 will not qualify for mortgage interest relief and the relief will be abolished completely for the tax year 2018 and subsequent tax years. Full details of this measure are set out in the Finance Bill.