Tax Relief on Mortgages

Since 2006 there has been a maximum tax relief benefit accruing to first time buyers of €2,400 per year for couples purchasing homes in respect of mortgage interest relief. This amounts to €200 per month between the couple. This maximum benefit is dependent on the mortgage being approximately €400,000 and an interest rate of 5%. If the amount of the mortgage and/or the interest rate is less than this than this the tax benefit will be less. The tax benefit amounts to 12% of the interest liability. The tax benefit at this level will last for 7 years including the first year.

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