Donegal Deputy and Sinn Féin Finance Spokesperson Pearse Doherty has called for assistance for mortgage holders, after another interest rate hike this week.
His comments come after another interest rate increase was announced by the European Central Bank earlier this week – meaning interest rates have reached an all-time high.
The new rate sees interest on bank deposits raised a further 0.25% to 4%.
Deputy Doherty has called on the Government to give struggling homeowners support in the upcoming October budget, saying:
“Today the ECB announced its 10th interest rate hike since July, increasing its key interest rate to an all-time high.”
“This is an extremely worrying time for so many households who will continue to see their mortgage interest costs rise. Before today’s announcement the Central Bank estimated that 1 in 5 households would see their annual mortgage costs spiral by more than €5,700 as a result of rate hikes ith 2 in 5 seeing their annual mortgage costs rise by more than €3,000.”
“This is a massive income shock for households in the grip of a wider cost of living crisis. For months Sinn Féin have called for the introduction of temporary and targeted mortgage interest relief to support struggling households.”
“That must be introduced in next month’s Budget. Households struggling with spiralling mortgage costs need support and they need it now.”
