MEP calls for suspension of mortgage repayments amid Coronavirus outbreak

Michaela O'Dea

Reporter:

Michaela O'Dea

MEP calls for suspension of mortgage repayments amid Coronavirus outbreak

MEP calls for suspension of mortgage repayments amid Coronavirus outbreak

A member of the European Parliament has outlined that mortgage repayments should be placed on hold during the advent of the COVID-19 (Coronavirus).

It has been suggested that banks should offer a limited suspension period on mortgage repayments for those who have been affected by the Coronavirus. 

Billy Keller, a Fianna Fáil MEP has stated that "If a mortgage holder is told to self-isolate, gets sick and cannot work, or his or her employer is unable to operate, their incomes are going to be affected. While the State will provide topped-up illness benefit, they will still face major financial challenge."

There has been a call for a national response for banks to step up and be accountable during this time of crisis as there should be no financial curtailment for those who are following HSE orders, and self-isolating due to the Coronavirus. 

This call for response is extended beyond mortgages holders, but also private renters who are forced our of work. Rental supports need to be put in place for these private renters who may involuntarily have to seek illness benefit.

Keller also expressed that “No one should be forced to choose between following medical advice to self-isolate or to continue working in order to avoid mortgage or rent arrears. We need to take the worry off of mortgage holders and private tenants, and this is one sure way of doing so.”