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Minister Murphy must explain home loan interest rate hike - Eoin Ó Broin

21 January, 2020 - by Eoin Ó Broin TD

Sinn Féin Housing spokesperson Eoin Ó Broin has called on Housing Minister Eoghan Murphy to explain the interest rate hike for the Rebuilding Ireland Home Loan.

Deputy Ó Broin said:

“As is typical of Minister Murphy we hear of interest rate changes to this government backed mortgage scheme via media reports.

“Based on the report it would seem that borrowers are facing a rate increase from 2% for a 25 year on to 2.745% and from 2.25% for a 30-year loan to 2.995%.

“These loans are for home owners who struggled to get a mortgage from banks and now Fine Gael is happy to increase the costs on workers and families.

“Over the lifetime of these mortgages, it will add €20,000 to €30,000 to the cost of finance for working people.

“That is not good enough.

“A Sinn Féin Housing Minister would prioritise the delivery of affordable purchase homes, costing less than €250,000, instead of increasing the debt burden.”

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