Mortgages

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.”