“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)
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