Sinn Féin TD Imelda Munster has expressed dismay that government parties have rejected Sinn Féin’s proposals to give much-needed mortgage relief for homeowners.
Deputy Munster was speaking after a motion from Sinn Féin Finance spokesperson Pearse Doherty, was debated in the Dáil on Wednesday, which called on the Minister for Finance Michael McGrath to introduce timely, targeted and temporary mortgage interest relief to support borrowers struggling with rising interest rates.
“Mortgage holders are seeing a large rise in their interest costs as a result of interest rate hikes by the ECB” Munster said.
“Last week’s hike was the fifth since July. That means that borrowers will be paying thousands of euros more in interest this year and others are likely to see their interest rates increase in the coming period.
“One of my constituents here in Drogheda who had only recently come out of negative equity on their Celtic Tiger era mortgage told me that their mortgage payment on their modest 3-bedroom family home has increased by nearly 500 euros per month because of the ECB rate hikes.”
“In the grip of a cost-of-living crisis, with sharp and significant rises in interest costs, now was the right time to introduce timely, targeted and temporary mortgage interest relief.
“The now Minister for Finance, Michael McGrath, while in opposition in 2015, described mortgage relief as ‘a very important support for families’ and that ‘the process of withdrawing it from existing homeowners at the same time as they are subject to a residential property tax highlights a government that is pursuing policies that are making home ownership increasingly unaffordable for families”.
“Sinn Féin agrees with Minister McGrath’s then assessment but considers it an apt description of the policies of the current Fine Gael, Fianna Fáil and Green Party government.
“What Sinn Féin proposed was different to the mortgage interest relief that existed in the past, which was based simply on the total interest paid on a mortgage loan.
“The proposal would have absorbed a portion of borrowers’ increased interest costs as a result of rate hikes since June. This measure is sensible, affordable and necessary.”
“But once again the government has refused to act or offer mortgage holder relief during a cost of living crisis.”
