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User:rorynoonanDate:20/02/2013Time:11:11:32Edition:20/02/2013Wedwedecho200213Page:1Color:

EE - V2

WEDNESDAY, FEBRUARY 20, 2013

EDITION NO. 34,840

Serving Cork for 120 years Mortgage rise, petrol hikes, child benefit cuts on way

RRP: e1.50

Homeowners, families will be hit yet again By RONAN BAGNALL

A NEW wave of wallet-draining measures are on the way — with mortgage hikes, petrol hikes, child benefit cuts as well as the first letters outlining the cost of the new property tax.

Darren Murphy from Passage who has been charged with the murder of Olivia Dunlea-O’Brien. See court report on page nine. Picture: Cork Courts Limited WEATHER F TONIGHT

L: 3°C Patchy cloud

   



Winds: SE at 10-20 mph

20.02.13 Recommended retail price â‚Ź1.50

Mortgage interest repayments are due to rise for thousands of families at a time when the Government is considering reforms that would reduce child benefit payments. The revenue commissioners are also preparing to send letters to every home in Ireland next month telling them how much property tax is due. On top of this, a new survey by AA Ireland has revealed that petrol prices are on the rise across Ireland for the first time in five months. The oncoming wave of measures include: � AIB is planning a new increase in variable rate mortgages for its 70,000 customers. The chief executive of the bank, David Duffy, confirmed the plans, but no date has been given for the proposals to be implemented. Experts are predicting that other lenders will follow AIB in raising rates. Experts say banks want variable rates to go from 4.3pc to 5pc which would add ₏1,000 to a ₏200,000 mortgage. � Householders can expect letters within weeks from the Revenue to homeowners all over the country to inform them how much they will be charged in July as part of the new property tax regime. Tax on a house worth ₏200,000 will this be charged ₏202 for the rest of this year and ₏405 next year. � An expert group’s report, commissioned on behalf of the Government, was published today outlining proposed reforms for child benefit payments. The report favours a two-tier system with a reduced standard rate of about ₏110 a month for each child — down ₏20 from the current ₏130 — with only the poorest families receiving top-up payments. � See page two for more.  !  

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