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First-time home buyers told to take €5,000 'deal of a lifetime'

Independent
Brian Hayes: urging people to avail of mortgage relief deal

Brian Hayes: urging people to avail of mortgage relief deal


THE Government is warning young couples tempted to buy a house to act now -- or lose out on a €5,000-a-year "offer of a lifetime".



In last year's Budget, Finance Minister Michael Noonanannounced a mortgage interest relief deal worth as much as €5,000 a year for first-time buyer couples.

However, the deal finishes at the end of this year, and a mortgage must be drawn down by December 31 for people to avail of the offer.

In an interview with the Irish Independent, junior finance minister Brian Hayes said the deal would not be extended in December's Budget, and buyers must act before the "train will have left the station".

"This is an offer of a lifetime, it won't come again," said Mr Hayes. "All our futures are based on getting the property market going again. People need to act fast to avail of it."

There have been calls to extend the scheme as the property market stabilises, but this is being firmly ruled out. The offer made little difference in the first half of the year, with only 2,858 properties sold to first-time buyers -- almost the exact same amount as the same period last year.


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