June 2009

Over 135,000 borrowers contacted about mortgage relief

Commissioners of the Irish revenue department are in the process of contacting homeowners whose mortgage interest relief has been axed.

In the April Budget mortgage tax relief was restricted to borrowers in the first seven years of their homeloans.

The Revenue Department is now requesting borrowers (homeowners) to provide proof of when their mortgage loans were taken out to see if mortgage tax releif still applies to them.

Before April 2009 approximately 570,000 people qualified for mortgage interest relief. Of those about half have had their mortgage interest releif stopped, and of these approximaely 160,000 are likely to be ineligible. The Revenue Department have asked that mortgage borrowers not contact them, but wait until they are contacted first. It is expected that homeowners will be able to update details online using Revenue.ie or by phone via their local tax office.