Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called on the government to introduce timely, targeted and temporary mortgage interest relief to support borrowers with rising interest rates.

The Donegal TD raised the issue with Minister Eamon Ryan in the Dáil today.

Teachta Doherty said:

“Since June, the ECB has hiked interest rates by 2.5 percentage points with a further 1 percent hike expected by the end of March.

“These rate hikes have immediately impacted approximately 300,000 borrowers on a tracker rate.

“There are also more than 100,000 borrowers who have had their mortgages sold to vulture funds.

“Many of these borrowers are now being charged interest rates as high as 7 percent and by March could be charged up to 8 percent – with no option to fix and vulture funds refusing to engage.

“Borrowers will be paying thousands of euros more in interest this year.

“The Central Bank confirmed yesterday at the Finance Committee that we are entering a new period of mortgage arrears.

“It is clear that the Central Bank must step up its supervision of and reign in vulture funds in the interests of struggling borrowers.

“Today I also called on Minister Ryan and the Government to introduce timely, targeted and temporary mortgage interest relief to support hard-pressed borrowers at the sharp edge of interest rate hikes.”