Kildare TD Calls On Government To Introduce 'Critical' Mortgage Interest Relief

Thursday, 21 September 2023 11:44

By Caoimhe Harney

"According to the CSO, mortgage interest costs have surged by 51.3% in the past year.

Kildare South TD Patricia Ryan has said that the Sinn Fein Motion on Mortgage Interest Relief is critical.

"We find ourselves at a critical juncture, where the cost-of-living crisis has reached new heights, leaving families struggling in a web of escalating costs.

"Families are burdened with soaring mortgage costs, exacerbated by ten ECB interest rate hikes in 14 months

"According to the Central Statistics Office, mortgage interest costs have surged by 51.3% in the past year alone.

"And let us not forget those who have been doubly victimised—their mortgages sold to vulture funds, leaving them at the mercy of exorbitant interest rates, some as high as 10%.

"The time for action is now. Yet, what course has this government charted?

"A course of inaction, reducing the banking levy and thereby enriching financial institutions whose operating profits have soared by an astonishing 97% year-on-year.

"From my constituency office in Kildare, the stories pour in—tales of despair, of families struggling under the yoke of rising mortgage and living costs, and in some cases those who may soon be homeless.

"The government's lack of action is not merely disappointing; it is cruel!

"Sinn Féin's motion lays out a clear roadmap for immediate, targeted intervention:

"Introduce Mortgage Interest Relief, tailored to assist struggling households.

"Increase the bank levy, and apply the proceeds directly to provision of mortgage interest relief.

"Develop a clear plan to help bring mortgages already in the hands of vulture funds back to the mainstream mortgage market.

"The government has had more than ample opportunities to act, to offer a lifeline to families ensnared in this cost-of-living quagmire," she added.