Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The funds are not breaking the contract. They always had the ability to do this, just like the banks have the ability to pass on interest rate hikes, which they are not doing because they have long-term interest. The funds have no such interest. That is why family homes should never have been allowed to be in the hands of vulture funds. We have people who are going to get another letter after today, the fourth such letter since the summer, saying the interest rate on their mortgage has increased again. For people that is going to put an extra €4,000 in interest on the repayment of their for mortgage. For many families, that tips them over the edge. When families are sitting down at the end of the day, it does not matter whether that is €4,000 to heat the home or €4,000 to keep a roof over their heads, it is money they have to find somewhere.

There is a particular need now to examine the issue of mortgage interest relief that can be tailored, that can look at the increase we are seeing, which is brought on by inflation, which is a result, in the main, of the war in Ukraine and the issues with energy and so on. Therefore, just as with other one-off, time-bound measures, we need to look at a relief for mortgage holders in terms of the huge interest spike they face right now.

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