Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called for the introduction of a temporary and targeted Mortgage Interest Support Scheme to support homeowners with rising mortgage costs.

The Donegal TD was speaking as the ECB is expected to raise interest rates for the seventh time since July.

Teachta Doherty said:

“Tomorrow the ECB is widely expected to increase interest rates for the seventh time since July.

“This rate hike will hit the pockets of hundreds of thousands of households.

“It will immediately impact more than 250,000 borrowers on a tracker rate.

“It will also hit the pockets of thousands of borrowers whose mortgages were sold to vulture funds, with many paying interest rates as high as 8 percent.

“These rate rises are likely to impact others in the time ahead.

“The Central Bank estimates that a fifth of mortgage holders are seeing their repayments rise by as much as 50 percent – this is before the expected ECB rate hike tomorrow.

“Tens of thousands of households are now seeing their mortgage repayments rise by approximately €5,000 this year.

“This is a massive income shock for tens of thousands of households with a rise in arrears now inevitable.

“Already in the grip of a cost of living crisis, now is the right time to introduce temporary and targeted mortgage interest.

“The government cannot wash their hands of these rising costs any longer.”

Sinn Féin’s mortgage interest relief proposals can be read here.