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Irish Government Launches Mortgage Interest Relief Scheme for Homebuyers

Dublin: In an effort to provide financial relief to homeowners, the Irish government has initiated a scheme offering interest relief to individuals who purchased homes through mortgages. The scheme entails a generous twenty percent relief, or a maximum of 1,250 euros, on the remaining mortgage interest for a specified period.

Approximately 208,000 individuals who have secured home loans are expected to benefit from this initiative, with the government allocating a substantial 125 million euros for the purpose. The Mortgage Interest Tax Relief scheme is designed to assist homeowners with mortgage balances ranging from €80,000 to €500,000 as of December 2022.

Those eligible for relief, specifically individuals paying Paye Tax, can claim this exemption through the Revenue’s My Account service. To facilitate the process, individuals must upload their mortgage interest certificate and the mortgage balance confirmation document as of December 31, 2022, while filing their income tax return.

This development follows the opposition Sinn Féin’s advocacy for a mortgage relief scheme during last year’s budget discussions. The party underscored this demand by presenting a motion in the Dáil in September, emphasising the importance of supporting mortgage holders in the current economic landscape.

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