Kerrane calls for support for SF mortgage interest relief plan

Deputy Claire Kerrane has called on Government parties to support Sinn Féin proposals to give much-needed mortgage relief for homeowners.

The Sinn Féin TD was speaking ahead of a motion from her party’s Finance spokesperson Pearse Doherty, which calls on the Minister for Finance Michael McGrath to introduce targeted and temporary mortgage interest relief to support borrowers struggling with rising interest rates.

“Mortgage holders are seeing a large rise in their interest costs as a result of interest rate hikes by the ECB. Last week’s hike was the fifth since July.

“In the grip of a cost of living crisis, with sharp and significant rises in interest costs, now is the right time to introduce timely, targeted and temporary mortgage interest relief.

“The now Minister for Finance, Michael McGrath, while in opposition in 2015, described mortgage relief as ‘a very important support for families’”.

Deputy Kerrane said that what Pearse Doherty is proposing is different to the interest relief that existed in the past.

“Instead, it would provide mortgage interest relief equivalent to 30 per cent of increased interest costs relative to June 2022, up to but not exceeding €1,500 per annum,” she said.

She added that the measure is tem- porary and targeted and would provide relief on increased costs as a result of interest rate rises.

“We would also work with the Central Bank to enhance the supervision of vulture funds in the interests of struggling borrowers, and we would examine the taxation of the banking sector including the treatment of corporation tax loss relief,” she said.

“These proposals would absorb a portion of borrowers’ increased interest costs as a result of rate hikes since June. This measure is sensible, affordable and necessary”.