Brian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

Mortgage holders across the country are really struggling at the moment. I have been getting representations and complaints on this from householders in Laois-Offaly, especially over the past couple of months. There is a significant problem with the cost that is coming on top of the cost of living. Some people have been hit with interest rate increases of 3% plus and this means an extra €200 to €400 per month on their mortgage. Last week's hike was the fifth increase since July. That means borrowers will be paying thousands of euro more in interest this year. We are in the middle of a cost-of-living crisis that has seen sharp increases in the cost of energy, transport and food and I could go on to list a range of other items.

Sinn Féin is looking for the introduction of a targeted and temporary mortgage interest relief scheme. We have had mortgage interest relief in the past. When he was in opposition in 2015, the Minister, Deputy Michael McGrath, described the relief as "a very important support for families". Sinn Féin agrees with him. We are calling for a mortgage interest relief scheme that provides the equivalent of 30% of the increased interest costs relative to June 2022. It would be a temporary measure that is targeted to provide relief to those who are most in need. It is capped at €1,500 and would not apply to second homes, holiday homes or rental properties held by landlords. It would therefore be most beneficial to the workers and families who need support most, which is very important.

Sinn Féin has developed these proposals in consultation with the Parliamentary Budget Office and based on the analysis we came up with, it would cost between €312 million and €371 million. The Minister mentioned €600 million. That would apply if everybody had gone on sky-high mortgage interest rates with vulture funds etc. Of course it depends on the ECB rates, as those are what govern this. This measure is sensible, affordable and can be funded by a portion of the State's projected surplus of €6.2 billion in 2023. It has not all been committed to expenditure. Families need real support and not empty words. We have a financial surplus, so the money is there. Ordinary people and especially hard-working mortgage holders need this during this difficult time. I call on Fine Gael, the Green Party and Fianna Fáil to back this proposal. I heard the Minister appealing to the lenders to be responsible and fair but they are not listening. Some of them are charging 7%. I ask that he and the Minister of State, Deputy Carroll MacNeill, take this on board. We can appeal to them but they do not listen. They do what they are going to do, which is to extract the maximum amount of money. The Minister referenced the 7% rate himself. It is proof they are not listening. We have the power to bring in these measures and I advocate the Government do so.

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