Sinn Féin spokesperson for Public Expenditure and Reform has called on the government to urgently introduce a targeted mortgage relief scheme to protect families and workers from spiralling mortgage costs.

Speaking following the ECB announced the nineth interest rate increase to 4.25%, Teachta Conway Walsh said:

“Workers and families are struggling to meet increasing mortgage costs. So far, the government has refused to support Sinn Féin’s proposal to introduce a temporary and targeted mortgage relief scheme.  

“Interest rate increases means that thousands of homeowners on tracker and variable rate mortgages are paying hundreds more in their monthly mortgage repayments. I am concerned that many will fall into arrears as they will be unable to make their repayments. 

“85,000 mortgages are now held by Vulture Funds.  Interest rates rises of up to 8.5% are being imposed on these households.

“Workers and families are already struggling with the cost-of-living crisis and many simply cannot afford to carry the full burden of these hikes in their mortgage repayments.

“It is widely accepted now that inflation is at least in-part being driven by corporate profits, yet the only response people see is more and more interest rate increases on their mortgage payments. 

“The government’s wait and see approach cannot continue. This is causing real hardship and will have wider implications for the domestic economy as people cut back on other expenditure.

“I am urging the government to work with Sinn Féin to introduce a mortgage relief scheme that will help to take the pressure off until interest rates stabilise.”