October 2008 – Budget 2009 protects young homeowners and first time buyers - Brady

Local Fianna Fail TD Áine Brady has said that measures introduced in Budget 2009 will assist those seeking to buy their first home as well as those who have purchased their first home within the last three years. These new measures will assist first time buyers are who are facing difficulties in the current financial climate.

"New measures announced today (14 October) will see mortgage interest relief jump to 25 % , a 5% increase for first time buyers who are in the first two years of their mortgage. Those in years 3, 4 or 5 will see an increase to 22.5% and those in years 6 and 7 will continue to receive relief at 20%.  For the first time buyers after year 7 will continue to receive mortgage interest relief at 15%."

"Budget 2009 also contains measures that will help young people who are facing difficulty in accessing loan finance to purchase their first home. The existing local mortgage scheme will increase the maximum loan available to borrowers from local authorities."

"Furthermore, a single Government Equity Initiative will be introduced, which will assist those seeking affordable housing as well as simplifying the delivery of affordable homes."

"These new measures are recognition of the pressure that many hardworking young families are under too meet their mortgage repayments. The Government has also put in place practical finance measures that will assist first time buyers to get onto the property ladder in a challenging economic climate." concluded Deputy Brady.

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