Limerick senator calls for introduction of mortgage relief scheme

Senator Paul Gavan

LIMERICK senator Paul Gavan has called for the introduction of a relief scheme for mortgage interest rates to help struggling Limerick homeowners.

Senator Gavan raised the issue in the Seanad recently, calling for a scheme to be introduced to help mortgage holders.

He said: “Constituents in Limerick are contacting me and want to know if there will be any help for them.”

“One family have told me how they are now paying €360 extra a month on their mortgage since last September.”

This comes as AIB recently raised the interest on their mortgages by between 0.65 per cent and 0.7 per cent.

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Senator Gavan continued: “During a cost of living crisis, mortgage holders on variable interest rates, or those whose mortgages are with vulture funds, are finding their mortgage payments soar – to the point that they are paying well beyond their means.”

“Repayments are rising by thousands of euros a year and some people
are now paying interest rates of up to 8%.”

“The State can and should offer a helping hand,” he said.

“Sinn Féin have proposed a mortgage interest support scheme that
would provide relief on 30 percent of the increased interest costs
households have faced since July of last year,” the senator concluded.