Relief on mortgages is overdue
MANY homeowners who bought in the boom times and are now struggling with their repayments are to get extra tax relief on their mortgages.
The Finance Bill paves the way for some 270,000 people to get more mortgage tax relief. It sees first-time buyer couples who bought between 2004 and 2008 being entitled to up to €2,000 a year in extra relief.
The measure is long overdue, at a time when middle-income earners in particular are feeling the squeeze.
Lower mortgage payments won't come a moment too soon for those who are coping with hits to their pay packets, or for those who lost their job or suffered a major drop in their salaries.
It is targeted at people who are lumbered with substantial mortgages. Let's hope that other measures will be proposed for those who don't qualify for this measure, but also need relief.