March 16, 2023
Government must introduce much-needed mortgage interest relief to support homeowners as ECB prepares further rate hike – Pearse Doherty TD

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

The Donegal TD was speaking as the ECB are expected to raise interest rates today for the sixth time since July.

Teachta Doherty said:

“Today the ECB is widely expected to increase its interest rate again – this will be the sixth rate hike since July.

“This further rate hike will immediately impact more than 250,000 borrowers who have seen their monthly repayments increase by hundreds of euros since June.

“It will also hit the pockets of thousands of borrowers whose mortgages were sold to vulture funds without their consent.

“Despite false promises by the Taoiseach and government ministers, these mortgage holders are worse off as a result of these sales, with no option to switch or fix their rates, and will face interest rates as high as eight percent in the next few weeks.

“Mortgage-holders will be paying thousands of euros more in interest this year – households that are already struggling under the cost of living crisis.

“Others will see their interest rates increase in the coming period.

“Already, Irish mortgage-holders are charged interest rates that are 50 percent higher than the European average.

“In the grip of a cost of living crisis, it is now time to introduce targeted and temporary mortgage interest relief to cushion the blow of these rising interest costs – this relief could absorb a portion of these interest costs.

“Already the government allows landlords to claim tax relief against 100 percent of their mortgage interest with further tax cuts reported to be on the way.

“As the ECB prepares to increase interest rates again today, the time has come to introduce this temporary and sensible measure to support those who are really struggling under the cost of rising interest costs.”

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