Oireachtas Joint and Select Committees

Wednesday, 2 April 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Mortgage Arrears Resolution Process: Discussion

4:50 pm

Mr. Brendan Burgess:

Mortgage interest supplement could have been expanded to make mortgages genuinely sustainable, particularly in the case of those with tracker mortgages. They could have addressed the issue of their mortgage repayments in full, both capital and interest, and everyone would have benefited, except the banks. For some reason, the mortgage interest supplement represents a huge missed opportunity. If I lost my house, it would have cost €3,000 or €4,000 per year in mortgage interest supplement whereas it will now cost €42,000 to house me. It is crazy.