I did a check myself as I got letter from EBS and they reduced my mortgage interest relief to 15% as I've hit end of my 7th year (mortgage taken out in 2005). Was wondering what the story was and I checked Revenue on it and got the following info:-
Section 3. What changes have arisen from the Budget Announcement on 6th December 2011 [Budget 2012]
From 1st January 2012 the rate of mortgage interest relief for first time buyers who took out their first mortgage between the years 2004 to 2008 and are residing in the property increases to 30% until 2017. If you took out a loan outside of these dates the existing rules remain unchanged. (see rates/ceilings chart)
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Section 4. If I took out my first mortgage between the years 2004 to 2008 what do I need to do?
There is no need for you to do anything. Revenue and the lending institutions will make the necessary changes. For administrative reasons this will take a period of time to complete but you will not lose out and you will get the full mortgage relief due to you in 2012.
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So it'll probably take a little while, maybe a month or two, for it to go up to 30% interest relief but we'll still get it backdated to start of 2012.