Sinn Féin has accused Fine Gael and Labour of "failing" to help individuals and families in mortgage distress.

The party has now pledged to cap the interest rates that banks can charge on mortgages, if elected to government.

Junior spokesperson on Finance, Peadar Tóibín, said four family homes a day are now being respossessed or surrendered.

Deputy Tóibín said: "In the first six months of 2015 there were 98,137 families in arrears, which amounts to 13% of all family homes.

"In fact, the number of those in mortgage arrears have doubled under this government. Fine Gael and Labour went so far as to change the law to make it easier for banks to repossess homes. They allowed the Central Bank to amend the Code of Conduct on mortgage arrears so that the position of borrowers was weakened and the banks strengthened to be more aggressive.

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"The government have persistently refused to stand up to the banks. Last year Sinn Féin introduced legislation whereby a legal process would allow the Central Bank to set a maximum cap on the standard variable rate that the banks bailed out by the state can charge. Unfortunately, but unsurprisingly, the government voted down the bill.

"If elected to government we will introduce this legislation to empower the Central Bank to limit the interest rates that banks can charge. A one per cent cut on mortgage interest rates for example would result in a €2,000 saving a year on a €200,000 mortgage. Irish homeowners are already paying exceptionally high standard variable rates (SVR) on mortgages compared to other EU countries."

(CD/LM)