'Rising mortgage rates are putting homeowners under severe financial pressure.'
That's according to Cavan-Monaghan Sinn Fein TD, Deputy Pauline Tully who has accused the Government of doing nothing to help them.
Speaking to Northern Sound, she said that in the last month, the European Central Bank increased its main lending rate for the sixth time since July 2022 from 0 percent to 3.5 percent. Deputy Tully says that mortgage repayments are rising by thousands of Euro a year with some people paying interest rates of up to 8%.
She added that people are "seriously struggling" and many are now at risk of falling into arrears.
"Rising mortgage rates are also putting the possibility of buying a home beyond the reach of another generation of aspiring first-time buyers, many of whom are already suffering with crippling rents and rising house prices due to the government's failure to deliver affordable housing.
"Sinn Féin spokesperson on Finance, Pearse Doherty, has repeatedly called for the introduction of temporary mortgage interest relief, which would support struggling mortgage holders by up to €1,500. The Government has failed to listen and now the situation is approaching a crisis point if they continue to refuse to take any action.
"The Government can and must reverse its previous position and mandate the Minister for Finance, Michael McGrath, to commit to his previous position on this issue in 2018 when he supported mortgage interest relief. Such a measure is sensible, affordable and necessary," said Deputy Tully.
