Tax relief on mortgages

Darragh O’Brien says reintroduction of tax relief on mortgages needs to be considered

Pearse Doherty claims that the Government has its ‘head in the sand’ as mortgage payments increase by thousands of euro due to today’s ECB 0.25% interest rate increase.

The reintroduction of a tax relief on mortgages does need to be considered, Minister for Housing Darragh O’Brien has said. He said the budgetary process was the most appropriate way to consider further action in relation to the cost-of-living crisis and mortgage interest relief. The Minister was responding to Sinn Féin deputy leader Pearse Doherty during Leaders’

Questions in the Dáil on Thursday, who said a single mother had contacted his party recently and her monthly mortgage repayments had risen by €700 per month. “That’s an increase of €8,400 per year,” Mr Doherty said. “She fears losing her home or going into arrears. She says she sees no future here for herself or her child.”

The Donegal TD noted the European Central Bank (ECB) was expected to increase its interest rates for the eighth time since July 2022, which was “another massive blow” to workers and family’s income. Action had to be taken, and the Government had its “head in the sand” despite families seeing mortgage payments “increase by thousands and thousands of euro”. “As hundreds of thousands of households anticipate another letter in the coming days telling them that their mortgage payments have increased again, the eighth letter that many of these families will get in less than a year, isn’t it time for the Government to get your heads out of the sand and to actually take action to support these families who are trying to keep a roof over their head?”

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