# Pre Election Promise - Mortage Interest Relief



## QED (12 Oct 2011)

"Fine Gael has today pledged to increase mortgage interest relief for people in negative equity to help them save up to €166 a month."

[broken link removed]

This has been completely forgotten and is no longer even mentioned as a possibility. Could some savings be made on Rent Relief etc. and people (like me) who overpaid for their homes get some relief.

There's no need for comments about personal responsibility blah blah blah....... I love my house and I am paying less each month that what I agreed to when I took out my mortgage. 

However, not everyone is as lucky and I think that the above step could help raise the confidence and spending power of the country - which is at the root of the longevity of our problems.


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## DaisyD2 (12 Oct 2011)

I was wondering myself what happened this "promise"! 

Would go a ways to helping mine & I'd imagine a lot of others problems. I'm lucky enough to have bought on my own, like where I live & most important still have a job but the loss of TRS this year on top of pay cuts, levies, income tax rises etc put me beyond my limits. With the talk of the release of the "official" (was there any of it not leaked?!) Keane report today they are talking about helping those in serious need with no prospects (& I'm not saying they don't but theres plenty of topics already on this) I'd imagine those of us on the margins who want & continue to pay our share at least equal those yet all I've heard is your not in serious arrears (but I am in contact with lender & recently got moratorium) so theres nothing we can do!


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## ClubMan (12 Oct 2011)

DaisyD2 said:


> but the loss of TRS this year


How did that happen in your case?

http://www.citizensinformation.ie/e...g_a_home/mortgage_interest_relief.html#l1f4da


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## truthseeker (12 Oct 2011)

From Page 18 of their manifesto (page 19 of the pdf document):



> *Mortgage Interest Relief: *[FONT=Myriad Pro,Myriad Pro][FONT=Myriad Pro,Myriad Pro]We will increase mortgage interest relief to 30% for First Time Buyers in 2004-08 (from the current sliding scale of 20% to 25% depending on the year the mortgage was taken out), financed in part by bringing forward the abolition of relief for new buyers from June 2011. [/FONT][/FONT]


 
Just forgotten about. 
[FONT=Myriad Pro,Myriad Pro]
[/FONT]


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## Purple (12 Oct 2011)

It's a good idea (subject to cost) as it helps those who can just about make the payments as well as those that can't so nobody is "rewarded" for not being able to pay.


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## DaisyD2 (12 Oct 2011)

I drew down mortgage May 2004, my last full TRS was Dec 2010. They initially pulled it entirely (€160ish - 0) but this was amended (€20ish I think, heads fried with figures today! 

Due to (my fault) misintrepreting earlier government statements surrounding the phasing out of TRS for FTBs I had mistakenly presumed it meant at full rate would be available to me beyond the 7yrs til 2017. I also thought 7yrs meant May 2011 so it wasn't even on my radar xmas week 2010 when I got letter of revised payments!


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## ClubMan (12 Oct 2011)

I don't understand. According to this _TRS _on a mortgage taken out in 2004 is still available - 20% this year (or 15% if now a first time buyer) and 15% p.a. until 2017 and nothing from 2018 onwards.

http://www.revenue.ie/en/tax/it/reliefs/tax-relief-source-mortgage-rates.html


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## AndyDub (13 Oct 2011)

http://www.independent.ie/business/...amonth-tax-credit-for-homeowners-2904540.html


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## STEINER (13 Oct 2011)

QED said:


> "Fine Gael has today pledged to increase mortgage interest relief for people in negative equity to help them save up to €166 a month."
> 
> [broken link removed]
> 
> ...


 
Michael Noonan briefly referred to this yesterday when he was on RTE news at 6pm, on a link - not in the studio.  reporter/presenter asked him about this promise and he briefly said that anything such as this is a taxation matter for the annual budget and would never be brought in during the summer like that.  He didn't say whether or not it would be part of budget 2012.


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## SteveW9 (13 Oct 2011)

QED said:


> "Fine Gael has today pledged to increase mortgage interest relief for people in negative equity to help them save up to €166 a month."
> 
> [broken link removed]
> 
> ...


 
Tell me you don't really believe this....I would love to have owned my own home back in the better times but I held off because of the crazy prices but still had to pay substanial rent. Now you are suggesting that any relief I get on this rent goes to help people who took out these crazy mortages...NOT A CHANCE. Its the responsibility of each and every person to pay off thier debts without looking for handouts.


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## QED (13 Oct 2011)

SteveW9 said:


> Tell me you don't really believe this....I would love to have owned my own home back in the better times but I held off because of the crazy prices but still had to pay substanial rent. Now you are suggesting that any relief I get on this rent goes to help people who took out these crazy mortages...NOT A CHANCE. Its the responsibility of each and every person to pay off thier debts without looking for handouts.


 
I do really believe that a move similar to that included in the Manifesto would help the many people who are paying their mortgage but using most of their income to do so. The focus is currently on those in arrears but I think there is a much more serious problem brewing.

An increase in TRS would help increase confidence and may help consumer spending which is vital to job creation and economic recovery - Which will benefit even smug people like you !!


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## Sunny (13 Oct 2011)

SteveW9 said:


> Tell me you don't really believe this....I would love to have owned my own home back in the better times but I held off because of the crazy prices but still had to pay substanial rent. Now you are suggesting that any relief I get on this rent goes to help people who took out these crazy mortages...NOT A CHANCE. Its the responsibility of each and every person to pay off thier debts without looking for handouts.


 
How does any relief you get on rent help people who took out crazy mortgages??


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