Government must support working families facing home repossessions – Ó Snodaigh
Speaking amid predictions that 40,000 first time home buyers could be in negative equity by the end of this year Sinn Féin Housing Spokesperson Aengus Ó Snodaigh called on the Government to put in place measures to help those on low and middle incomes to keep up with repayments. He said a mortgage repayment support package should be developed as more young families face repossession of their homes.
Deputy Ó Snodaigh said, "Despite repeated warnings from Sinn Féin and others the Government did nothing to warn first time buyers of the risks of taking out 100% mortgages while the property market was at its height.
"Now, as the market continues to decline, thousands of these buyers, many with young families, are facing negative equity and the possibility of losing their homes. Reports in the media today show that one prominent stockbroker is predicting that 40,000 first time buyers will be in negative equity by the end of the year. Couple this with the rise in live register figures and it is clear that repossessions are on the way.
"The Government must put in place measures to help those on low and middle incomes who are facing negative equity. A Mortgage Repayment Support Package should be established as soon as possible as more and more families are facing repossession of their homes." ENDS