Mortgage reduction for boom-time house buyers

HOMEOWNERS who bought during the boom will see their mortgage repayments come down as interest relief increases.

This comes in the same week the ECB is expected to announced a cut in interest rates. The rate of mortgage interest relief will increase to 30% for first-time buyers who bought between 2004 and 2008.

Michael Noonan said the Government was committed to helping address the particular problems faced by those that bought homes at the height of the property boom.