THE MORTGAGE & PROPERTY SECTOR
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| Budget 2010 did not contain a lot in relation to the mortgage market or the property sector. The following are the key initiatives: |
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 | Financial regulator has been asked to examine the possible extension of the existing 6 month moratorium on legal proceedings arising from arrears already contained in the Code of Conduct to 12 months for all lenders
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| As a support to homeowners who are in negative equity, the Minister for Finance is providing that where the mortgage interest relief would expire in 2010 or after, they will continue to receive it up to the end of 2017. |
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| To encourage those who want to buy a house over the next three years, qualifying loans taken out before July 1st 2011 will continue to get relief at current levels for 7 years and transitional arrangements will apply to loans taken out in the subsequent 18 months at a reduced level and duration.
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| Mortgage interest relief to be abolished entirely by 2017 |
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| The Government will complete its review of the existing Mortgage Interest Subsidy Scheme for families in difficulty with their mortgages early in 2011
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| Government has accepted the recommendations of the Commission on Taxation on the need for a property tax. Considerable work will need to be done before a site valuation tax can be introduced. Work will begin shortly on the registration of ownership and the valuation of land. |
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