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Government must outline plans as banks and vulture funds hike mortgage interest rates – Pearse Doherty TD

6 January, 2023 - by Pearse Doherty TD

Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called on the Government to support struggling mortgage borrowers with rising interest rates.

The Donegal TD repeated his calls for the Government to examine options to introduce targeted and time-bound mortgage interest relief for borrowers this year.

Speaking today, Teachta 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.

“Sinn Féin’s proposal is practical, affordable and necessary.

“It is time for the Government to outline its plan to support these struggling borrowers.

“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.”

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