'We shouldn't be subsidizing the wealthy' - Mortgage interest relief a 'terrible idea'

  • 📰 NewstalkFM
  • ⏱ Reading Time:
  • 51 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 55%

Ireland Headlines News

Ireland Latest News,Ireland Headlines

“Homeowners are, generally speaking, wealthier.' The return of mortgage interest relief is a ‘terrible idea’ that would see taxpayers' money subsidising the wealthy - Burgess. BKNT

“Despite the rise in mortgage rates recently, the vast majority of people who have mortgages can easily afford their mortgage repayments and therefore, they don’t need a subsidy from the taxpayer,” he said.“Like, if you can afford to get a deposit together to buy and house and take out a mortgage, you’re better off than people who are renting – we should not be subsidising the wealthier.

“Even with the increase in the interest rates recently, the mortgage repayments on a house are an awful lot lower than what renters are paying.”Mortgage Interest Relief offers mortgage holders tax relief based on the level of mortgage interest payments they made in a given year. It was a feature of the Irish tax system for many years; however, it was phased out over the last decade, formally ending in early 2021.

Mr Burgess said Sinn Féin is proposing a tax relief of 30% of the increased interest over the past year – a move that could hand around €1,500 to mortgage holders.He noted that people on tracker mortgagees that have been hardest hit by interest rate hikes were paying the lowest interest possible for the previous decade.“I mean people on trackers have been paying almost 0%.

“They have almost been getting free money for the last ten years and, now that they’re being asked to pay market levels of interest, Sinn Féin wants to give them €1,500 each – it’s crazy.”

Source: Loan Digest (loandigest.net)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 19. in İE

Ireland Latest News, Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

More homeowners slipped into mortgage arrears in first quarterA total of 39 homes were repossessed by lenders in the quarter, new data from the Central Bank shows via IrishTimesBiz
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

Renters face poorer health outcomes than homeownersA new ESRI report also raised concerns that many vulnerable renters with chronic illnesses do not possess medical cards
Source: businessposthq - 🏆 8. / 71 Read more »

Elderly renters have worse health outcomes than homeownersElderly renters have poorer health outcomes than homeowners, research by the ERSI has concluded.
Source: NewstalkFM - 🏆 19. / 55 Read more »

Renters face poorer health outcomes than homeownersA new ESRI report also raised concerns that many vulnerable renters with chronic illnesses do not possess medical cards
Source: businessposthq - 🏆 8. / 71 Read more »

Mortgage activity slumps, cliff edges in PRSI and USC and US ditheringMortgage activity slumps, cliff edges in PRSI and USC and US dithering: the best news, analysis and comment from The Irish Times business desk.
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

Mortgage activity hit historic levels of €1bn in April despite slowdownThe first-time buyer segment is now the only group growing in terms of mortgage volume and value
Source: businessposthq - 🏆 8. / 71 Read more »