DONEGAL TD Pearse Doherty has again called for the Government to introduce temporary and targeted mortgage interest relief as households continue to struggle with required amid rising interest rates.
The Donegal TD was speaking as the European Central Bank announced it was increasing interest rates for the eighth time since July.
Speaking today, Teachta Doherty said, “It is time to introduce temporary and targeted mortgage interest relief.
“Today, the European Central Bank announced it will on Thursday raise its key interest rate for the eighth time since July.
Pearse Doherty TD
“For many households, this spells another increase in their mortgage interest rates and costs.
“These rising costs are putting workers and families under serious financial strain, with many households now facing interest rates higher than 8 percent.
“Already struggling with rising food prices and energy bills, this further interest rate hike is another blow.
“The Central Bank estimated in March that 1 in 5 households would have seen their annual mortgage costs rise by more than €4,800 – this was before the recent interest hike in May and widely expected rate hike on Thursday.
“This is a massive income shock, made worse in the context of a cost of living crisis,” said Deputy Doherty.
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