Mortgage Relief Scheme

rodento

As the market has a miny recovery as people forced to buy to get some mortgage interest relief before the scheme runs out

http://www.independent.ie/business/personal-finance/property-mortgages/november-shows-biggest-monthly-hike-in-house-prices-since-property-crash-3338085.html

Anyone know what will happen to the property market when these credits ends????? My guess is that it'll force a fall in value greater than the interest relief available

Scortho

rodento wrote: »

As the market has a miny recovery as people forced to buy to get some mortgage interest relief before the scheme runs out

http://www.independent.ie/business/personal-finance/property-mortgages/november-shows-biggest-monthly-hike-in-house-prices-since-property-crash-3338085.html

Anyone know what will happen to the property market when these credits ends????? My guess is that it'll force a fall in value greater than the interest relief available

rodento wrote: »

As the market has a miny recovery as people forced to buy to get some mortgage interest relief before the scheme runs out

http://www.independent.ie/business/personal-finance/property-mortgages/november-shows-biggest-monthly-hike-in-house-prices-since-property-crash-3338085.html

Anyone know what will happen to the property market when these credits ends????? My guess is that it'll force a fall in value greater than the interest relief available

First of all no one gets forced into buying a house!
The ending of the relief will most certainly effect the property market. To what extent however is hard to say! My own guess is property will fall next year by around 10%.
However as we've learned over the last 5 years nothing is guaranteed when it comes to property prices!

From the 1/01/2013 the relief will end for new purchases however there will be exemptions in the property tax for first-time buyers who purchase until 2016.

There had been a long running discussion on the property pin as well as on the accomadation and property forum in a number of threads on the effect of the ending of the relief.

gurramok

Property tax exemption is only worth 300-400 a year on average for most, it will have no affect in a purchasing decision as its way too small a number to factor into a purchasing price. All those that fell for the MIR gimmick are gone, there are no incentives left to buy. Together with the usual economic reasons, expect further price falls in 2013.

rodento

This begs an interesting question

http://www.independent.ie/national-news/thousands-more-will-lose-mortgage-relief-3342953.html

THOUSANDS of struggling homeowners are to be stripped of their mortgage interest relief this year, it has emerged.

Almost 7,000 mortgage holders who are in arrears lost the valuable tax relief last year. Revenue ordered banks to stop mortgage interest relief for households that were more than six months behind on their payments.

Why are people who are defaulting on their mortgages getting mortgage interest relief at all and should the tax man demand to money back

soap1978

rodento wrote: »

This begs an interesting question

http://www.independent.ie/national-news/thousands-more-will-lose-mortgage-relief-3342953.html

THOUSANDS of struggling homeowners are to be stripped of their mortgage interest relief this year, it has emerged.

Almost 7,000 mortgage holders who are in arrears lost the valuable tax relief last year. Revenue ordered banks to stop mortgage interest relief for households that were more than six months behind on their payments.

Why are people who are defaulting on their mortgages getting mortgage interest relief at all and should the tax man demand to money back

Who is going to pay the money back?

rodento

You have to ask, if someone isn't paying the mortgage to the bank, than what are they spending it on???

monkeypants

rodento wrote: »

You have to ask, if someone isn't paying the mortgage to the bank, than what are they spending it on???

Why don't you take a wild guess.