Leo Varadkar says there are ‘no plans’ to offer interest relief to mortgage holders
Dublin: Deputy Prime Minister Leo Varadkar has stated that the government has no plans to offer mortgage interest relief to borrowers.
This project was completed in January 2021. The tax relief programme was implemented at a time when interest rates were much higher than they are now. This scheme’s implementation is not completely ruled out, but not now. Varadkar said that this may be looked into when the budget is reopened.
The ECB does not seem likely to raise interest rates any further. Varadkar said that even if it happens, it will happen only once.
Pearse Doherty sought the government’s position on the issue in the wake of the European Central Bank (ECB) raising interest rates.
However, Doherty outlined the problems with the interest rate hike in Parliament. At current interest rates, a homeowner with a €200,000 mortgage could see their repayments rise by more than €3,000 per year, according to Doherty.
Doherty pointed out that there are 1,94,000 households with tracker mortgages.
If banks raise interest rates in the coming months, the lives of mortgage holders who are already in dire straits will be even more miserable, Doherty pointed out.
As a result, banks should take precautions to mitigate the impact of the ECB’s interest rate hike on mortgage holders. The best time to implement mortgage interest relief is right now. Doherty urged the government to look into the matter.
The new prime minister is preparing for a reshuffle.
There are indications that Prime Minister-designate Leo Varadkar is preparing for a cabinet reshuffle. The Deputy Prime Minister had already made remarks about this in December. Varadkar demanded confirmation that TDs would contest the next election if they were to get positions in the reshuffle.
Some ministers in all parties may be replaced. A decision regarding this may be taken this evening itself.
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