Laois representative sets out how Government could help with mortgage woes

Families struggling with the cost of living in Laois and Offaly need a tax break on their mortgage to help them cope, according to Sinn Féin TD Brian Stanley.

The Laois-based representative spoke in the Dáil as his party presented proposals calling for tax relief for households.

“Mortgage holders across the country are really struggling at the moment. I have been getting representations and complaints on this from householders in Laois-Offaly, especially over the past couple of months.

“There is a significant problem with the cost that is coming on top of the cost of living.

“Some people have been hit with interest rate increases of 3% plus and this means an extra €200 to €400 per month on their mortgage,” he said.

He said their idea could help a borrower who has seen their monthly interest repayments increase by €400 compared to June 2022, they would receive relief of €120 per month and €1,200 from March to the end of 2023.

The TD said there have been five interest rate hikes since July.

“That means borrowers will be paying thousands of euro more in interest this year. We are in the middle of a cost-of-living crisis that has seen sharp increases in the cost of energy, transport and food and I could go on to list a range of other items,” he said.

The TD said his party wants a targeted and temporary mortgage interest relief scheme as has happened previously.

“We are calling for a mortgage interest relief scheme that provides the equivalent of 30% of the increased interest costs relative to June 2022. It would be a temporary measure that is targeted to provide relief to those who are most in need. It is capped at €1,500 and would not apply to second homes, holiday homes or rental properties held by landlords.

“It would therefore be most beneficial to the workers and families who need support most, which is very important,” he said .
Dep Stanley said it would cost between €312 million and €371 million.

“This measure is sensible, affordable and can be funded by a portion of the State's projected surplus of €6.2 billion in 2023. It has not all been committed to expenditure.

“Families need real support and not empty words. We have a financial surplus, so the money is there. Ordinary people and especially hard-working mortgage holders need this during this difficult time.

“I call on Fine Gael, the Green Party and Fianna Fáil to back this proposal,” he said.

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However, he said the Government is not listening.

“We have the power to bring in these measures and I advocate the Government do so,” concluded the TD.

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He said Sinn Féin have worked with the Parliamentary Budget Office on this proposal to help only Principal Dwelling Homeowners.