The Government’s plans for mortgage interest relief of up to €1,250, announced in Budget 2024, have drawn a fairly full postbag, so this week we will try to rattle through a range of queries on different aspects of the relief and who is eligible for it.
The reference to a “qualifying property” means your family home or principal private residence. Any other property is not eligible It’s not something that you need to know now, as the relief will only be available when you file a return after year end, by which stage the Finance Bill will be finalised and passed into law, and we will be very clear on what is and is not covered. The money is borrowed by you either way, and that decision was not dependent on this measure as it did not exist at the time.
Will I be allowed to claim the mortgage interest relief if my mortgage is with a vulture fund , in arrears, and I am not meeting the full payment amount each month? The total balance outstanding, including arrears, is below €500,000.As long as the balance is within the limits – €80,000 and €500,000 – which it is in your case, you should be okay.
You can get principal private residence relief when you sell your home if you have been absent abroad because of work. If that were the case, you might still qualify but we will have to wait for the final passing of the bill to be certain. The mortgage interest relief measure is a one-off just for this year – although, if history is anything to go by, it might be extended