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Last chance for mortgage relief

FIRST-time house buyers could be in line for a payment of €25,000 this year.

Those who are considering purchasing a house this year will still manage to qualify for the maximum amount of mortgage interest relief, even though this is being abolished from next year.

Director of the Irish Mortgage Corporation Frank Conway (right) said that 2011 is the last year in which first-time buyers can avail of the maximum relief of €416.67 per month.

"From 2012, all first-time buyers will move to the standard rate of mortgage interest relief, which has a monthly maximum value of just €75," said Mr Conway.