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The Minister for Finance has ruled out introducing mortgage interest relief

Dublin: The Finance Minister rejected the opposition’s demand to introduce mortgage interest relief. The decision was made after it was discovered that mortgage interest relief would cost €655 million per year. Finance Minister Michael McGrath said in the Dáil that he understood many mortgage holders were under pressure and that some lenders were charging up to 7% interest on home loan repayments. According to the minister, there were 716,000 mortgages for primary residences, with 35% being trackers and 26% being variable rates.

Finance spokeswoman Doherty said about 200,000 homeowners with tracker mortgages were hit by the latest hike. “There is no doubt that mortgage holders are under pressure,” he said, adding that the government is failing to address key tax and cost issues.

Prime Minister Leo Varadkar said rates would have to rise to reduce inflation by eliminating mortgage interest relief, but he did not rule out further easing, adding that the issue would be discussed at a European Council meeting.

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