Chris Andrews (Dublin Bay South, Sinn Fein) | Oireachtas source

I commend my Sinn Féin colleagues on the motion. We have seen from previous financial crashes, including those associated with the Covid-19 pandemic, the war in Ukraine and the current cost-of-living crisis, that we live in a very volatile economic system. It is shifting and changing, not always for the better. Since July, the European Central Bank has increased its key lending rate six times. Many struggle to get their head around the impact of these announcements and how they may impact on their repayments.

These interest rate hikes are having a crippling effect on thousands of families. While this Government is sanctioning €1 billion in savings to developers, it will not help struggling mortgage holders. These hikes are costing families thousands over the course of a year. Ireland's mortgage rates are already much higher than the European average. Homeowners whose mortgages were sold off to vulture funds are among those most at risk. Some of their rates have gone as high as 7.5%. Those homeowners have been abandoned by Fianna Fáil, Fine Gael and the Green Party and left at the mercy of the vulture funds. As a result of all these hikes in interest rates, homeowners are now under severe financial pressure and deeply worried about what lies ahead. The fear of losing their homes is a tragic possibility for many. At a time when the Government is forecasting a surplus of more than €10 billion this year, why is it not standing on the side of homeowners? We have never been a wealthier country. We have never had so much money and yet so many have so little. People are suffering and having to put up with the Government supporting developers and vulture funds, while it gives no relief to hardworking mortgage holders. Why is the Government not giving homeowners the break so many are calling out for and need?

The sharp rise in interest rates is not just having a harsh impact on mortgage holders. The increases in interest rates are pushing the possibility of buying a home further and further away from first-time buyers. They are being left to pay sky-high rents as the Government fails to deliver affordable housing. Sinn Féin has repeatedly called for the introduction of temporary mortgage relief, a proposal that would see homeowners who are struggling with their mortgages get support, with relief of up to €1,500.

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