Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called on the Government to outline its plan to struggling mortgage borrowers with rising interest rates.
Deputy Doherty said that many borrowers have seen their mortgage repayments rise by over €4,000 per year already with further rate hikes likely.
The Donegal TD is calling on the Government to examine options to introduce targeted and time-bound mortgage interest relief for borrowers this year.
But this week, he is asking the government to reveal what it plans to do.
Deputy Doherty said: “Since the summer, the European Central Bank has hiked its interest rate four times, with further hikes expected in the months ahead.
“Thousands of borrowers on tracker and variable rates have seen their mortgage costs soar.
“Those who have had their mortgage contracts sold to vulture funds have also seen aggressive interest rate hikes.
“Many have seen their mortgage repayments rise by over €4,000 per year already with further rate hikes likely.
“It is not acceptable for the Government to abandon these borrowers given the financial pressure they and their families are facing.
“The Government must examine options to introduce targeted and time-bound mortgage interest relief to support struggling borrower.
“Without support many may fall into arrears and mortgage distress.”
Deputy Doherty said his party’s proposal is ‘practical, affordable and necessary’.
“It is time for the Government to outline its plan to support these struggling borrowers,” he continued.
“We have repeatedly called on the banks to absorb interest rate hikes in the interest of their consumers.
“There is also a need for the Central Bank to clarify and enforce the responsibilities of vultures funds under the Consumer Protection Code.”
