If mortgage interest relief is introduced it should be given to those who need it most: first-time buyers
In contrast, a first-time buyer who took out a €300,000 mortgage a year ago on a fixed rate of 5 per cent will get no help as the amount of interest they have paid has not increased.
It is argued that as we give tax relief to private renters, we should also give it to mortgage holders. This argument does not stand up to scrutiny. Even after the recent mortgage rate increases, it is still much cheaper to pay a mortgage than to pay rent. And the mortgage holders will eventually own their own home.In general, mortgage holders are on higher incomes than renters. We pay renters €500 each in tax credit, yet the proposal is to give up to €1,500 to mortgage holders.
There are two other groups of mortgage holders who need help and support from the Government – those whose mortgages have been sold to vulture funds and those who are struggling with their mortgage repayments. The best way to help customers of vulture funds is to reduce the rate of interest they are being charged. Vulture funds should be required to offer their customers the same rates that the original lender is offering their customers today. If this were done, then no one would lose out by having their mortgage sold to a vulture fund.
España Últimas Noticias, España Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Fine Gael regain lost ground with public as Sinn Féin drop backThe Leo Varadkar-led party got some reprieve in the latest Business Post/Red C poll, bouncing back to its previous 22 per cent support while the main opposition party’s backing dips to 29 per cent
Leer más »
‘Take some control’ - Why you need to read the terms and conditionsJoan is Awful, but not reading the terms and conditions is worse. jesskellynt explains the real-life reasons you should read the terms and conditions before accepting.
Leer más »
Explainer: What is the Wagner mercenary group and why is it rebelling against Russia?For months, Wagner's founder has been locked in a power struggle with the military top brass, blaming them for his troops' deaths in eastern Ukraine.
Leer más »
Here's Why Love Island Fans Are Convinced Molly Will Return To The Villa | StellarCould Molly be returning? loveisland content on Stellar is sponsor by Boots Ireland sp
Leer más »
Ballaghaderreen has a Catholic cathedral - so why has Dublin never had one?Church of Ireland has two - one national and one for diocese - but even John Charles McQuaid couldn’t get a ‘proper’ Catholic one over the line
Leer más »
Women say this is the most important skincare ingredient | IMAGE.ieA huge 65 per cent of women consider vitamin C to be the most important skincare ingredient they use*. Here’s why so many have added this glow-giving ingredient into their routines. sp Olay skin skincare beauty
Leer más »