Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called on the Government to introduce targeted and temporary mortgage interest relief to support homeowners with rising interest costs.
The Donegal TD was speaking as new analysis suggests up to 60,000 homeowners have their mortgages held by vulture funds, with no ability to switch lender.
Speaking today, Teachta Doherty said:
“New research by money advice and broker site MoneySherpa.ie suggests that up to 60,000 mortgage-holders are trapped with vultures funds and unable to switch to a different lender.
“These homeowners are now being charged interest rates as high as 9.25 percent, with many to pay thousands of euros in additional interest costs this year.
“Many of these homeowners have no ability to switch or fix their rates.
“Rising interest rates are heaping additional pressure on households that are already struggling with 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.
“Now is the time to introduce targeted and temporary mortgage interest relief to cushion the blow of these rising interest costs.”