Emer Currie (Fine Gael) | Oireachtas source

I thank the Minister for coming to the Chamber and outlining the Bill. I am very supportive of it and, of course, the July jobs stimulus which offers a range of supports including the €2 billion credit guarantee scheme which was discussed previously in the House, as well as €5.4 billion in direct expenditure, taxation measures and grants. The Bill is mainly focused on tax liabilities and tax measures, but it also provides for the employment wage subsidy scheme which follows on from the temporary wage subsidy scheme that has become the foundation stone of business supports according to employers. It gives direct financial support to companies to help them to pay wages and to keep the business going. It provides stability and reassurance to workers and families that they will be able to pay their bills and keep their lives going as normally as possible unless, it seems, the person is with a particular bank and trying to draw down mortgage approval. The people in danger of getting stuck in this situation may be prevented from buying their first home, moving out of their parents' house or rental accommodation, or moving into more suitable accommodation that may have a garden or space for a home office. Many families are currently considering such a move. The people affected may be prevented from getting on with their lives until April 2021. Members are aware of the knock-on potential that would have in respect of housing supply, construction and jobs. Freezing so many people out of the market would effectively freeze housing supply.

I received a worrying email from a couple who are constituents of mine. Their base salaries are €71,000 and €84,000 and they were approved in principle for mortgage. They have substantial equity from the sale of their home. Only one of their salaries is supported by the TWSS. They have been in their current jobs for two and three years, respectively, and have never missed a mortgage repayment. They both received pay rises in the past six months. The company turnover has taken a hit but it is stable and there have not been any redundancies or pay cuts. They received an email from their bank on 14 July. It stated that their approval in principle was provided on the basis that at the time the couple draw down the mortgage, no applicant would be relying on Government subsidy income or temporary income support related to Covid-19. I know the Department of the Minister of State has received assurances that such practices are not taking place, but they are happening. They are affecting this couple and other families, including people whose full loan offers have been withdrawn. Senators are aware of the stress and consequences that come with such decisions. I ask the Minister of State to take another look at that situation because it is not good for the couple to whom I referred or for anyone else.