Fri. Sep 22nd, 2023
    Government Urged to Set Cap on Mortgage Interest Rates

    Dublin South West TD Paul Murphy has called on the Irish government to introduce a cap on mortgage interest rates, stating that people are being “absolutely crucified” with increased payments each month. Murphy argued that it is unaffordable for many, especially at a time when banks are profiteering. He proposed that a bill be introduced to ensure that nobody is charged more than 3% interest on their mortgage.

    Murphy highlighted that the government has previously set a cap on the charges imposed by predatory money lenders, and suggested that the same principle could be applied to all banks. He emphasized that there would be no cost to the Exchequer in implementing such measures.

    TD Richard Boyd Barrett echoed Murphy’s sentiments and urged support for a protest against the rising cost of living, scheduled to take place before the upcoming Budget. Barrett emphasized the influence of people power and noted that when protests occurred before the Budget in previous years, there were significant changes to credits and other measures.

    While Murphy acknowledged that comments from senior Ministers suggested that the government is considering mortgage interest relief targeted at those at risk of losing their homes, he argued that further action is required to address the root issue of profiteering by banks.

    The introduction of a cap on mortgage interest rates could provide much-needed relief to homeowners struggling to meet their monthly repayments. It remains to be seen whether the government will take action in response to these calls for change.

    Definitions:
    – Exchequer: the national treasury of a country.
    – TD: abbreviation for Teachta D├íla, a member of the lower house of the Parliament of Ireland.

    Sources:
    – Author’s knowledge and understanding of the topic.