€180m of unclaimed mortgage relief sitting in Revenue’s coffers

Less than one in eight homeowners has claimed up to €1,250 each of mortgage relief payments, it has been revealed.

This means over €180m due to owners is sitting in the Revenue’s coffers.

Mortgage interest relief was introduced in Budget 2024 last year to help homeowners struggling with spiralling interest rates from the European Central Bank.

Then Finance Minister Michael McGrath introduced it as a temporary one-year scheme to help homeowners.

However, Sinn Féin TD Thomas Gould, who asked for figures relating to the initiative in the Dáil, said yesterday: “When they brought out this scheme first, we flagged that because of the bureaucracy and the red tape and having to jump through all the hoops, a lot of the people either won’t be able to do it or can’t do it, so the scheme would fail.”

Less than one in eight homeowners has claimed up to €1,250 each of mortgage relief payments, it has been revealed.

This means over €180m due to owners is sitting in the Revenue’s coffers.

Mortgage interest relief was introduced in Budget 2024 last year to help homeowners struggling with spiralling interest rates from the European Central Bank.

Then Finance Minister Michael McGrath introduced it as a temporary one-year scheme to help homeowners.

However, Sinn Féin TD Thomas Gould, who asked for figures relating to the initiative in the Dáil, said yesterday: “When they brought out this scheme first, we flagged that because of the bureaucracy and the red tape and having to jump through all the hoops, a lot of the people either won’t be able to do it or can’t do it, so the scheme would fail.”

About €206m could be claimed back but just €25m has been, which shows the scheme has “completely failed”, Deputy Gould added.

The scheme should be designed so mortgage holders receive it at source and so do not have to claim it back, he said.

Approximately 22,000 mortgage holders have claimed relief, but around 165,000 are estimated to be eligible.

About €206m could be claimed back but just €25m has been, which shows the scheme has “completely failed”, Deputy Gould added.

The scheme should be designed so mortgage holders receive it at source and so do not have to claim it back, he said.

Approximately 22,000 mortgage holders have claimed relief, but around 165,000 are estimated to be eligible.

Original article published: NEWS / 9TH JULY 2024 /CHRISTIAN MCCASHIN

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