Vol. 423 No. 8
57 Mr. T. O'Sullivan asked the Minister for the Environment the steps, if any, he will take to assist mortgage holders who may get into arrears in light of mortgage increases having regard to a media report (details supplied); and if he will make a statement on the matter.
The Government already provide substantial assistance to householders with mortgages in terms of mortgage interest relief. Under the Supplementary Welfare Allowances Scheme, which is the responsibility of the Minister for Social Welfare, persons whose means are insufficient to meet their needs can receive assistance in respect of the interest element of their mortgage payments. It is not proposed to introduce further measures.
In relation to the recent increase in interest rates, the Deputy will be aware that all the mortgage lenders have either postponed increasing their mortgage rate for the time being, or given their existing borrowers the option of deferring payment of the increase for a period of at least three months, with the deferred payment being added on to the amount of the loan outstanding.
The interest rate on local authority house purchase loans has not been increased and Housing Finance Agency loans are not affected.
