Budget to benefit 214,000 homeowners who bought at peak – Bannon

Fine Gael TD for Longford / Westmeath, James Bannon, has today (Wednesday) said the mortgage interest relief measure in yesterday’s budget will benefit an estimated 214,000 people who bought their first home during the peak of the property boom.

“This increase in mortgage relief will free up a significant amount of money for hard pressed families and help them hold on to their homes. By increasing the Mortgage Interest Relief to 30% for people who bought between 2004 and 2008, Minister Noonan has eased the pressure on those who are possibly the biggest victims of the economic collapse.

“Increasing mortgage interest relief was at the core of Fine Gael’s proposals during the General Election. I am extremely pleased that we are able provide this essential support to families who may be teetering on the edge of mortgage default and those living in fear of losing their jobs.

“I have heard from so many people who paid hugely inflated prices for their homes and are now struggling to pay their mortgage. I genuinely believe that this measure will make life a little bit easier for them.

“Despite the extreme challenges involved in managing the economy in these very challenging times, we are determined to be as fair as possible. One of the first actions of this Government was to reverse the cut in the minimum wage which was introduced by the last Government. As with the abolition of the Universal Social Charge (USC) for low earners and yesterday’s increase in mortgage interest relief, I am pleased that we now have a Government that is determined to be as fair as possible throughout the budgetary process.

“This is the first Government measure taken since the property market collapsed in 2008 that has given hope to struggling homeowners that bought their first home during the boom.”

ENDS