Broadly, mortgage duty is payable on an instrument of mortgage or charge over property in the State based on the amount of advances secured. Generally, the rate of duty is 0.4 per cent of the amount secured (but may differ depending on the State).
If the mortgage duty implications of a secured financing arrangement are addressed at the earliest possible time, the greater would be the opportunity that:
- "double duty” consequences are eliminated
- no mortgage duty is payable, or
- the stamp duty payable on existing securities (if applicable) may be effectively utilised for other financing arrangements.
