Michael Collins (Cork South West, Independent) | Oireachtas source

I am sharing time with my colleagues. Imagine someone who has just stepped onto the property ladder, finally owning a place to call home. Now picture this newfound security suddenly shaken by something the person has never faced before, namely, rising mortgage interest rates. For many in Ireland, this is a reality check they have never seen coming. It is causing many sleepless nights and making them wonder where this financial rollercoaster might lead. These rising rates are not just numbers on a spreadsheet; they are like an unwelcome guest crashing the income of homeowners. If rates keep going up, monthly mortgage bills could shoot through the roof, leaving people with less cash, and let us face it, the cost of living is already on the upswing, so higher mortgage repayments feel like a double whammy to families' finances.

This has got everyone jittery about what is down the road. The statistics paint a bleak picture. The Central Bank has previously estimated that prior to this most recent rates surge, approximately two in every five households would witness their annual mortgage repayments skyrocket by more than €3,000, while an additional one in every five households faced the prospect of bearing the weight of a crushing €5,700 annual mortgage cost increase. They are not just numbers; they represent the real financial hardship that homeowners are grappling with daily. This is playing into the hands of the bad banks and the filthy way they work and prey on people who are struggling to pay their mortgage.

I will conclude by talking about Bank of Ireland. I attended court recently with a person who was in mortgage arrears, and the very kind and fair judge said he wanted me, that person and Bank of Ireland to sit around the table. I have made five communications to the top-ranking people at Bank of Ireland and they do not want to sit around the table. They are delighted to grab that person's house and hit down the hammer on an innocent person who wants to pay. I will never represent anyone who does not want to pay. Bank of Ireland is doing filthy business out there and maybe other banks are too. This is an astonishing situation whereby the State continues to support banks that throw people out of their homes who are interested and genuinely want to pay their mortgages.

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