Local Fianna Fáil TD and Deputy Finance Spokesperson Frank O’Rourke has highlighted that nearly 300,000 households will benefit from the extension of mortgage interest relief beyond 2017.

“In a reply to a Dail Question, we have established that close to 300,000 households, who are owner occupiers, were in receipt of mortgage interest relief in 2016 with families projected to receive an average tax relief of €600 this year.”

“Mortgage interest relief for home loans is currently available to people who bought their home between 2004 and 2012. The vast bulk of these were bought between 2004 and 2008, when property values were inflated.”

“It is very important that people who purchased their homes during that period are given relief through our Taxation system. I was delighted that Fianna Fail secured a commitment during the negotiations with Fine Gael on the Confidence and Supply arrangement to extend the mortgage interest relief scheme, which was due to come to an end at the end of this year.”

“The government will now extend the scheme ‘on a tapered basis’ beyond 2017, following the negotiations. While there will be some reduction in the relief in 2018, the extension of the relief will be of very significant benefit to many mortgage holders.”

“Families are now juggling huge outgoings including their monthly mortgage, rising motor insurance costs, childcare costs and medical bills. A sudden withdrawal of this very important financial support, through the mortgage tax relief, would have been unacceptable for those that bought their home when prices were at their highest.”

“Since being elected, many constituents have highlighted the importance of having this mortgage interest tax relief. At a time when there is talk of rising interest rates, we need to ensure that people that bought their homes when prices were at their highest, receive some tax relief to assist with living costs,” concluded Deputy O’Rourke.