TDs will vote on a Fianna Fáil Bill to end the scandal of banks massively overcharging mortgage holders on SVR rates this week.
Fianna Fáil Spokesperson on Dublin, Senator Darragh O’Brien, said: "It is a scandal that 300,000 mortgage holders on standard variable rates are still paying hundreds of euro more a month on their mortgages. The feeble attempt by the Government to deal with this scandal has been a complete flop. Reducing fixed rates has not proved a viable solution for thousands of Dublin mortgage holders. As a result, we are still in a situation where SVR mortgage holders are being exploited and the Government is clearly not bothered enough to take decisive action.
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"I have spoken to many families in north county Dublin on standard variable rate mortgages whose mortgage repayments are €500 a month higher than new mortgage those with the exact same mortgage but tracker rates. I have been raising this issue along with my colleague, the Fianna Fáil Finance Spokesperson Michael McGrath, since March. And yet nothing has changed and standard variable rates in Ireland are still 2% higher than the European average.
"This week we are giving TDs a final chance to end this rip-off once and for all. Our local Deputies in Fingal, James Reilly, Alan Farrell and Brendan Ryan will be asked to vote on a Fianna Fáil Bill that would give the Central Bank the power to put its foot down and regulate the rates charged to mortgage holders."
(CD/MH)
