Taoiseach Leo Varadkar signals move on restoring relief to mortgage holders shouldering increased borrowing costs will be considered by Government
One senior Government figure who will be involved in the decision said mortgage interest rates would still be a huge issue by the time of the budget in October, with further ECB rate rises between now and then expected.
Last year, officials in the Department of Finance calculated that if the scheme was reintroduced, it would cost the exchequer about €500 million a year. Officials also pointed out that the scheme meant those with the most valuable properties had most to gain. Mr Varadkar said he didn’t “want to be misinterpreted as saying that under consideration means a promise that it will happen”.Mr Varadkar also suggested that any scheme would have to be applicable to all mortgage holders, and not just to holders of tracker mortgages, who have been most immediately affected by the rate hikes.
“So just doing something for one group might not be fair. So we will have to figure out what is possible.”
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