Tax relief on mortgage - what's the current status?

[Transistor]

I'm assisting a non-national apply for their first mortgage in Ireland. A web search just gives me links referring to tax credits introduced in 2023 and extended into 2024 due to high interest rates (I think).

If a PAYE employee was to pay €1300 - €1500 a month for a mortgage is there still tax relief and where can I find the rates?

Many thanks.

 

[Protocol]

No, there isn't.

 

[ClubMan]

A web search just gives me links referring to tax credits introduced in 2023 and extended into 2024 due to high interest rates (I think).

That relief/credit is no longer available.

Qualifying conditions

This page outlines the qualifying conditions for Mortgage Interest Relief

www.revenue.ie

Qualifying conditions​

You may qualify for the Mortgage Interest Tax Credit if you had:

• a qualifying loan in the years 2022 and 2023 or 2024
• the interest on the qualifying loan increased from 2022 to 2023 or 2022 to 2024, as the case may be
• and
• on 31 December 2022, an outstanding loan balance of between €80,000 and €500,000.

 

[Transistor]

So that explains why I couldn't find the rates!

Thanks, chaps.

 

[ClubMan]

That relief/credit is no longer available.

Oh, it is still available...

Mortgage Interest Tax Credit

This page provides information on the Mortgage Interest Tax Credit

www.revenue.ie

Qualifying conditions​

You may qualify for the Mortgage Interest Tax Credit if you had:

• a qualifying loan in the years 2022 and 2023 or 2024 or 2025 or 2026
• the interest on the qualifying loan increased from 2022 to the year(s) the claim is being made
• and
• on 31 December 2022, an outstanding loan balance of between €80,000 and €500,000.

But seemingly many borrowers who might qualify didn't bother to claim it.

Tens of thousands of mortgage holders failed to take up tax break worth up to €1,250

Officials believe uptake rate for scheme is only about 30 per cent

www.irishtimes.com

Tens of thousands of mortgage holders failed to take up a tax break worth up to €1,250, internal documents from the Department of Finance show.

 

[Transistor]

Thank you for the update. It won't help my original enquiry but it may help some family members.