Sir, – Pat Dignam’s letter (July 1st) on the issue of removing tax relief for tracker mortgages ignores one important issue.
The bulk of tracker mortgages were sold at the height of the property bubble, meaning the majority of these loans are now effectively in negative equity. Singling out this particularly vulnerable set of mortgage holders would be deeply unfair. It is also flawed in that it presumes this current period of low interest rates will continue into the future.
We know that the number of distressed mortgage holders is on the rise and the call to impose an additional tax on tracker mortgages; or the ending of tax relief would undoubtedly increase this number further.
Any such measures would penalise ordinary taxpayers – the young people, the young families and those who purchased their homes during the boom in particular. – Yours, etc,
JUSTIN SINNOTT,
Northwood Apartment
Owners Alliance,
Parklands,
Northwood,
Santry, Dublin 9.