Sinn Féin spokesperson on Finance Pearse Doherty TD has called for the introduction of temporary and targeted mortgage interest relief to support households.

This comes as the European Central Bank announced its 10th interest rate hike since July of last year.

Teachta Doherty said:

“Today the ECB announced its 10th interest rate hike since July, increasing its key interest rate to an all-time high.

“This is an extremely worrying time for so many households who will continue to see their mortgage interest costs rise.

“Before today’s announcement the Central Bank estimated that 1 in 5 households would see their annual mortgage costs spiral by more than €5,700 as a result of rate hikes.

“With 2 in 5 seeing their annual mortgage costs rise by more than €3,000.

“With today’s announcement, these costs will increase further for so many.

“This is a massive income shock for households in the grip of a wider cost of living crisis.

“For months Sinn Féin have called for the introduction of temporary and targeted mortgage interest relief to support struggling households.

“That must be introduced in next month’s Budget.

“Households struggling with spiralling mortgage costs need support and they need it now.”