What happens when your mortgage interest deduction expires in 2031?
Since 2001, the rule has been that you are entitled to mortgage interest relief for a maximum of 30 years. This means that the tax benefit for all homeowners who bought a house in or before 2001 will expire in 10 years (in 2031). What does this mean for your mortgage and your monthly expenses?

If you bought a house before or in 2001, your right to mortgage interest deduction expires in 2031. If you bought a house in 2002, your entitlement will expire in 2032, and so on.
What are the consequences?
If you have paid off your mortgage after 30 years, then there is nothing to worry about. But if you still have an outstanding mortgage debt after 30 years, that debt will move from tax box 1 to box 3 at that time. This means you can no longer deduct the mortgage interest you pay from your income tax. As a result, your net monthly expenses may start to rise. Especially when you are approaching retirement, it is wise to take this into account.
Adjustments after 2021
Have you increased your mortgage since 2001 for a renovation, for instance? Then (in most cases) you are again entitled to 30 years of interest deduction for that new piece of mortgage. So suppose you borrowed an extra €30,000 for a renovation in 2007, you are entitled to mortgage interest relief on that amount until 2037.
New mortgage
Since 1 July 2021, mortgage lenders must take into account the net charge increase that arises when the mortgage interest deduction expires. Are you planning to buy a new home and reach the end date of your mortgage interest deduction within 10 years? If so, your borrowing capacity goes down and you can therefore borrow less.
Map your situation
Whether you plan to move or not, if you took out your first mortgage 20 years or more ago, it is wise to clarify your situation with the help of a mortgage consultant. That way, you'll know how much your monthly expenses will rise from 2031 and how you can absorb those extra costs. You can also look at the residual debt you still have at that time and how you could reduce it, for example by saving or making extra repayments. Make a no-obligation appointment at a branch near you.