INTEREST Rate Hikes No1 Issue On Homeowners Doorstep – Mulvihill

‘RISING interest rates strike fear into the hearts of homeowners – Labour will keep people in their homes’ – Cllr John Mulvihill, Labour Candidate, Cork East.

*RISING interest rate has become the primary concern of those met at the doorsteps.

*The banks are pushing up variable rates to make up for their reckless lending, pushing homeowners to the wall.

*Mortgage holders need assurance that they can hold a roof over their heads; *Labour will deliver security.

“Rising interest rates strike fear into the hearts of homeowners.

People already on the bread line simply cannot see how they can continue after another rate hike. Too many of them are already struggling with childcare costs and wage deductions because of the universal social charge. Tackling this issue is a priority for Labour not just in east Cork, but nationwide,” Cllr Mulvihill said.

“The range of emotions on the doorsteps this general election is astounding and disturbing. Now, with rising interest rates, people fear for the roof over their heads. Their concern is echoed across the country. Struggling homeowners need assurance they can hold on to their homes. We must set out policies to ease their fears,” Cllr Mulvihill said.

Labour will permit NO MORE repossessions for two years, where a person makes a genuine attempt to pay their mortgage on a home of modest size.

“Keeping people in their homes is an absolute priority. On doorsteps in Midleton, Youghal, Carrigtwohill and Cobh and villages in between – this is the number one concern.

It is a terrible thing to watch a nation, made beholden to the banks by a corrupt and inept government, brought so close to the brink. These are genuine, hard working people who simply cannot continue to make ends meet if interest rates on variable mortgages rise again at this crucial time,” he said.

Labour in government will provide stronger support for people in difficulties with their mortgage. This can be achieved by converting the Money Advice and Budgeting Service (MABS) into a strengthened Personal Debt Management Agency – which will be granted legal powers to use the law to help those in mortgage trouble.

The agency will support families who make an honest effort to deal with their debts, including non-mortgage debt, providing protection from their creditors where appropriate, so that they have time to sort out their affairs.

“We will introduce a Mortgage Interest Supplement to support families who cannot meet their mortgage payments, which will ensure people stay in their homes, rather than see them losing their houses and converting to rental accommodation paid for by rent supplement,” Cllr Mulvihill said.

In the longer term, Labour will establish a new Sustainable Homeownership Insurance Programme, which will be aimed at new residential mortgage holders and existing home owners who switch mortgage providers.