Éamon Ó Cuív (Galway West, Fianna Fail) | Oireachtas source

Tá áthas orm go bhfuil deis agam cúpla focal a rá faoin ábhar seo mar is ábhar an-tábhachtach é agus ar ndóigh goileann sé ar go leor gnáthdhaoine i measc an phobail.

A person who happened to be of the wrong age and needed a house during the last decade when house prices were inflated had no choice but to pay whatever was being asked in order to get a house for his or her family. The reality is that this group of people are now left with serious financial problems. For the person lucky enough to secure a tracker mortgage, the interest rate has reduced dramatically. Those people who have kept their jobs and are on tracker mortgages are probably paying less now than they might have expected to be paying had the economy remained strong. Amazingly, the Government has allowed a situation whereby the low cost of tracker mortgages is being put by the banks on the backs of variable interest rate mortgagees. For those taking out mortgages at that time, it was a gamble as to whether tracker mortgages would remain lower than variable interest mortgages. It was not a certainty. The banks are now making up for their losses on tracker mortgages by loading cost onto the people on variable interest rate mortgages.

I praise Mr. Brendan Burgess of money.com for his continued-----

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