Relief is on the way for homeowners whose mortgage repayments have shot up in recent years.
A series of ECB rate rises since 2022 have seen monthly repayments rise for those with tracker and variable rate home- loans.
However, a one-year Mortgage Interest Tax Relief scheme worth up to €1,250 comes into force from today.
The budget measure will help over 200,000 homeowners and will cost the State €125 million.
Finance Minister Michael McGrath says the rate hikes have left many struggling - but
"Increases in interest rates which we saw from midway through 2022 have imposed a real burden on many households.
"Markets are expecting that interest rates have peaked and are likely to fall perhaps commencing in the first half of the year.
"Certainly, the market expectations are that we will see interest rate reductions across this year," he said.
More information can be found here.
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