06 Jul 2022

Mortgage interest must be suspended during payment break period, says Carlow TD


Carlow Carlow Carlow

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Fianna Fáil TD for Carlow, Jennifer Murnane O’Connor, has called on the Government, banks and Central Bank to ensure that Carlow mortgage holders who opt for a payment break on their loans are not faced with any increased payments.

Deputy Murnane O’Connor said it was important that assurances are given that interest on these mortgages will not be charged during the period of the payment break.

She said: "Households all across Carlow are shaken by the COVID-19 outbreak. People who had jobs last week don’t this week. Children who were preparing for exams are none the wiser as to whether they are going ahead or not.

"In this period of great uncertainty, we need to give clarity to people. We need them to know that as we fight this outbreak as a nation, we will support them."

She added: "I welcome the fact that the country’s five main banks have agreed to facilitate mortgage breaks for homeowners affected by the pandemic. 

"They now need to make it crystal clear that any interest on the loan will not be charged for the duration of the break, in keeping with the spirit of the measure.

"If people are forced to pay the interest, it will only see their monthly repayments increased once the crisis has passed, and will see these mortgage holders placed under another financial burden. 

"The current situation is beyond the control of these homeowners and its unfair to expect them to shoulder any more financial burden."

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