FF mortgage bill will tackle high mortgage interest rates

Fianna Fáil TD for Dublin Fingal Darragh O’Brien TD has said he is eager for the Dáil to debate the Central Bank Variable Rate Mortgages Bill 2016 which is being introduced by the party in Dáil Eireann.

“High variable interest rates on mortgages are a prominent issue throughout Dublin. It has been clear for a number of years of now that banks are charging tens of thousands of mortgage customers exorbitant rates, considerably above the rates they are offering new customers and in excess of the bank’s costs.

“Many of these customers live in areas that saw a lot of development in recent decades, such as Swords, Donabate, Rush, Lusk and other areas. This Private Members motion offers the possibility of relief for many constituents struggling with these excessive costs.

“A mortgage is the single biggest financial outgoing for families across the state; many of my constituents have watched in frustration as their mortgage rates have steadily risen. These people have felt the least benefit from the current low interest rate environment in Europe and they’re being negatively impacted to the tune of hundreds of euro a month because of this situation.

“By enabling the Central Bank to put a cap on interest rates if banks are found objectively to be charging an unreasonable amount, we can go a long way to relieving this problem.

“Fianna Fáil will try to build a consensus on this issue in the Dáil, to pass our Bill and deal with the issue which is has blighted our mortgage market for a long time now. We must remember those struggling with unreasonable mortgage charges when working to build a fairer recovery,” concluded Deputy O’Brien.

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