Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

My last question relates to split mortgages. Is it not obvious that the reason the bank is getting a low take up on split mortgages is because people do not see them as a solution? I heard of two such cases this week. For example, people who were working took out a mortgage for a former council house, for which they paid €400,000 and have had a split mortgage offered to them.

The €200,000 has been parked. They will pay more than €200,000 for the next 20 years as well as interest on that amount, which would probably take it up close to €300,000, and at the end of 20 years they will still owe €200,000. That person told me that he has no choice but to accept it and that in 20 years' time he will owe €200,000 and will probably have to sell the house. Why would people want go into a process like that?