Donegal TD fears latest rise in interest rates will pile misery on struggling mortgage holders

A Donegal TD says a further hike in interest rates will push many struggling borrowers over the edge.


Interest rates are expected to increase by a half of one percent when the ECB meets today.


The bank has raised rates by a total of 2 percent since July, in an effort to tackle spiralling inflation.


Headline inflation slowed last month for the first time in 18 months, to 10 per cent, raising hopes that price growth has passed.


Sinn Fein Finance Spokesperson and Donegal TD Pearse Doherty speaking in the Dáil called on the Tánaiste and the government to provide assistance to those struggling to pay mortgages.




In response the Tánaiste Leo Varadkar acknowledged that any increases in interests rates will pile pressure on borrowers, however he says the ECB have no choice but to increase rates due to concern over inflation.


The Fine Gael Leader also confirmed that there are no plan at present to offer further supports to struggling mortgage holders: