Mortgage interest relief – who is not getting it and why?

Budget 2024: Many who have been paying higher rates for years will be forgiven for questioning why tracker holders are being looked after now when they were the beneficiaries of low rates for many years.

The temporary relief will be on the table for people with loans of between €80,000 and €500,000 at the end of last year and will cover changes to mortgage repayments over the course of 2023, to a ceiling of €1,250.Budget 2024 Q&A: Your mortgage interest relief, tax, pension, education and social welfare questions answeredBudget 2024 calculator: How this year’s budget will affect your income

While he is not wrong to say many thousands of borrowers are under pressure, the interest relief will only benefit a small percentage of the mortgage market with hundreds of thousands of homeowners on fixed rates gaining nothing despite paying significantly more for their borrowings than those with tracker mortgages over the last decade.

He said the “tracker customers had a great run of things for many years. So it just seems a bit bizarre that the Government is rushing to help them the second rates go up.”

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