Mattie McGrath called for immediate mortgage relief to help homeowners facing rising mortgage costs and criticised vulture funds and government policy. He supported a motion urging the Government to introduce mortgage relief, citing ECB rate rises, mortgage payment shocks and concerns about development fees and council funding.
Mortgage pressure and ECB rate increases
McGrath highlighted that the ECB has increased its main lending rate six times since July 2022, with the latest increase of 3.5 per cent, and said this has led to immediate and significant increases in mortgage payments. He referenced over 250,000 Tricor mortgages and more than 43,000 variable-rate mortgages held by non-banks and vulture funds, noting some rates are reaching 8 per cent.
Criticism of vulture funds and government choices
He strongly criticised the welcome given to vulture funds in Ireland, saying parties that invited them should be questioned, and argued the Government is not doing enough to look after homeowners. McGrath named a former colleague who welcomed such funds and accused the Government of favouring the wealthy.
Support for small builders and concerns over development fees
McGrath urged support for small builders and homeowners who want to build their own homes, warning that current arrangements around development fees risk starving councils of finance. He warned that the unwieldy system and planning delays could cause people to miss out and create further anxiety for prospective homeowners.
Cost of living and political critique
He linked the broader cost-of-living pressures to government policy, criticising parties including Fianna Fáil and the Greens and arguing that keeping fuel prices high is wrong. McGrath presented the motion as a meaningful step the Government could adopt to help ordinary people facing mortgage distress.
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I am delighted that we are supporting this motion tonight, because we believe it is a good motion. It is the opportune time for the Government to introduce mortgage relief for the homeowners. The measure will help to provide support for struggling homeowners who are facing significant increases in their mortgage costs. The ECB has increased its main lending rate six times since July 2022, with the latest increase of 3.5 per cent. This resulted in over 250,000 Tricor mortgages. Borrowers are experiencing immediate and significant increases in their mortgage payments. More than 43,000 variable rate mortgages with loans held by non-banks and vultures funds have seen significant increases in their mortgage payments. The highest rates are reaching 8 per cent. And Minister, they are the very areas that these vulture funds, even the word vulture is an adamant to any writing a person. We just almost completed the lamb in season, we know what vultures do to baby lambs, and the very taut of vulture funds, and your previous colleague, Mike Lewin, they welcomed them to Ireland. Any party that would welcome vulture funds to Ireland now would need their head examined. So, the Government really don't want to look after people in houses, or without houses, are struggling to get loans. Well, we have none of our announcements again today, and I welcome the Creek Horn and that area. But, the whole situation regarding development fees. It would be far better to support small builders, and support their homeowners who want to build their own houses. Because we have no idea what the developers, or the big developers, and I'm not an anti-developer, the word doesn't really have a bad connotation for me, like it has for some people. But, it would be far better to support the Dini Bjorki, the Dini Bjorki, and give the money to the councils. Now they are going to starve the councils of the finance. The teachers told me they are going to pay it back, and they are going to reimburse, but this whole system is unwieldy. And, we don't know how it is going to impact, or where it is going to end. And, people now have convinced houses yesterday, they have convinced them two or three days ago, and they won't qualify. Then, the people will miss it at the other end, they will go to get planning tomorrow or next week, they will wait 12 months maybe, if it goes abroad for an hour, and they will miss out. So, you are going to have more angst and trauma. So, in this area here, you can do something meaningful if you want to, and this motion should be accepted. I know you have your own counter-motion, but you don't want to help the ordinary small people, the Dini Bjorki. You are a party of the rich and powerful, and you have gone that way, and so have Fianna Fáil. And, the whole issue of the cost of living with the Greens, and the price of fuel is because you want to keep fuel prices high, to get people down. It's a phony objective, but it's wrong.
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