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 thousand 250 euro comes into force from today.

The budget measure will help over 200 thousand homeowners and will cost the State 125 million euro.

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