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"No mercy" for Donegal mortgage
holders
23.10.12
THOUSANDS of mortgage
holders have been left at the mercy of the banks as
they continue to raise interest rates despite
people's inability to pay, says local TD., Deputy
Charlie McConalogue.
“I am meeting people every day who fear that the
cost of surviving week-to-week is being put further
and further beyond their reach.
"The latest increases in variable interest rates by
AIB and Bank of Ireland will take even more money
out of people’s pockets in the weeks before
Christmas. And there is no sign that this Government
is prepared to do anything to help." |
The Inishowen TD., said
mortgage holders will have to pay an extra €30 a
month for every €100,000 borrowed.
"The fact that the Government refuses to intervene
in any meaningful way is unacceptable.
The official mortgage data shows almost 11% of
occupied properties are in arrears of 90 days or
more.
"But what's of huge concern to me is the real lives
of the people behind those statistics. When you look
beyond the headline figures you see that by value,
more than one in four (27%) residential mortgages is
either in arrears or has been restructured already. |
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Deputy Charlie McConalogue |
"On top of that, a
recent report by Davy stockbrokers revealed that
half of all residential mortgages are in negative
equity, including the majority of those taken out
since the year 2000."
Deputy McConalogue added: “This Government promised
to help borrowers in Donegal but instead what we see
every month is more mortgage holders in difficulty
and more viable small businesses in the North West
unable to get credit from the banks.
"How long are Fine Gael and Labour going to leave
borrowers here in Donegal and across the country at
the mercy of banks which are showing no mercy at
all?” |
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