There was mixed news in Budget 2008 for mortgagors. First Time Buyers will see tax relief increase by 5% in year 1 & 2 and by 2.5% in years 3, 4 and 5. On a €250,000 loan this is a saving of approximately €55 per month and €27 per month respectively. Second Time Buyers on the other hand will see tax relief fall by 5% which means someone with a mortgage of €250,000 will be €55 a month worse off.
Those with a house to let will have to pay a new €200 per year tax.
