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Rip-off of home buyers continues - Crowe

4 August, 2006

Sinn Féin TD Seán Crowe criticised yet another hike in interest rates which will result in an increase in mortgage repayments for borrowers.


The Dublin South West TD said: “This is the fourth time in just nine months that the European Central Bank has increased interest rates. This increase will add anything from a further €20 to €50 to the monthly repayment on many mortgages. The only winners here are the banks and other financial institutions who continue to amass obscene profits while telling families they ‘need to adjust their budget’, a euphemism for people having to sacrifice other necessities in order to keep a roof over their head.


“Some 80,000 people may be affected by this increase. First-time buyers are among those who will be most hit, another slap in the face to mostly young people after the cash grant for first-time buyers was abolished two years ago. This will intensify the financial burden that many households already face. Homeowners will be faced with ESB and gas hikes in the coming months as the rip-off of home buyers continues.


“Housing is a basic need and should be enshrined as a right in the constitution. Instead this government refuse to recognise this and prefer to cater for the property developers, the banks and the land speculators. These are the people who will be welcomed with open arms by government ministers in the cosy tent at the Galway races while some people don’t even have a roof over their heads.”



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