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Relief needed to support borrowers as mortgage interest costs rise by 46 percent in 12 months - Pearse Doherty TD

14 July, 2023 - by Pearse Doherty TD

Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called for the introduction of temporary and targeted mortgage interest relief to support struggling households.

The Donegal TD was speaking after the Central Statistics Office found that mortgage interest costs had risen by 46 percent in the past 12 months.

Speaking today, Teachta Doherty said:

“Yesterday the CSO released its inflation figures for June.

“Prices continue to rise while electricity prices have still not fallen.

“In the past year, mortgage interest costs have increased by 46 percent.

“This is a massive income shock for households – for many their monthly mortgage repayment is their single biggest going.

“Borrowers are now seeing their annual mortgage costs increase by thousands of euros.

“This would be challenging at any time, not least in the middle of a wider cost of living crisis.

“In the past year the ECB has increased its main lending rate eight times.

“Households are now facing interest rates as high as 8.5 percent.

“As households contend with a wider cost of living crisis, with no prospect of prices falling in the near-term, it is time for the State to support struggling borrowers.

“Targeted and temporary mortgage interest relief should be introduced to help borrowers who are suffering a significant income shock.

“Sinn Féin have proposed a mortgage interest support scheme that would provide relief on 30 percent of the increased interest costs households have faced since July of last year.

“This support, as so many households face a massive income shock, would provide real relief to households.”

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