Mortgage interest relief to rise for first-time buyers

The minister for finance has announced that mortgage interest relief for non first-time buyers is to be reduced from 20% to 15% from January.

Mr Lenihan said that this is to fund an increase in mortgage interest relief for first-time buyers which will rise from 20% to 25% for years one and two.

In years three, four and five the mortgage interest relief be 22.5%.