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 was speaking after raising the issue with the Tánaiste in the Dáil today.

Teachta Doherty said:

“Today the ECB has once again increased its interest rate, the fifth rate hike since July.

“This further rate hike will immediately impact the almost 200,000 borrowers on a tracker rate, with many seeing their monthly repayments increase by hundreds of euros since last June.

“There are also tens of thousands of borrowers who have had their mortgages sold to vulture funds – many of whom are now being charged interest rates of more than seven percent – with no option to fix and vulture funds refusing to engage.

“Borrowers will be paying thousands of euros more in interest this year in the midst of a cost of living crisis.

“Others are likely to see their interest rates increase in the coming period.

“It is now clear that timely, targeted and temporary mortgage interest relief must be introduced to support hard-pressed borrowers.

“This relief could absorb a portion of borrowers’ increased interest costs as a result of rate hikes since June.

“This measure is sensible, affordable and necessary.

“Today, I have also written to the Central Bank to ask what measures they are taking to step up their supervision of vulture funds who are now charging extortionate interest rates to borrowers who are facing serious financial difficulties.

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