Fine Gael on Morgage Arrears

Tuesday, February 22, 2011

Fine Gael will provide assistance for struggling homeowners as the number of people in mortgage arrears continues to spiral upwards.

The number of people unable to meet their mortgage repayments for the past three months has reached 45,000. This is a clear indication that Fine Gael’s proposals for homeowners need to be implemented to help ordinary people cope with unsustainable mortgage repayments.

Fine Gael has outlined its commitment of making the banks work for the people, and to bring some much needed relief for the negative equity generation who have been hit hardest by the property bubble.

Fine Gael will benefit mortgage holders by:
1. Increasing mortgage interest relief to 30% for First Time Buyers in negative equity who bought from 2004 – 2008.
2. Introducing a Deferred Interest Scheme enabling borrowers to pay at least 66% of their mortgage interest for up to five years.
3. Putting a stop to banks penalising mortgage holders who have rescheduled their debt by putting them on a higher cost rate.
4. Introducing a trade down option to produce a reduction in mortgage debt and more affordable monthly payments.
5. Amending legislation to allow people access to their pension funds to service their mortgages.

Irresponsible lending, facilitated by a Fianna Fail led government, has left people in fear of losing their homes. Fine Gael’s Five Point Plan will ensure that the banks and the government will work for people who are faced with mortgage arrears, and share the burden of negative equity.”

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