Fianna Fáil and Fine Gael have reached a framework agreement to help protect struggling mortgage holders.

The campaign aims to protect the interests of mortgage holders struggling under the burden of large repayments.

Finance spokesperson Michael McGrath TD said: "Fianna Fáil negotiated three key commitments in relation to mortgages during the course of the negotiations with Fine Gael on the formation of a minority government. These were:

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• Take all necessary action to tackle high variable interest rates;

• Protect the family home and introduce additional long term solutions for mortgage arrears cases;

• Retain mortgage interest relief beyond the current end date of December 2017 on a tapered basis.

"There are at least 300,000 households who are on standard variable rate mortgages. These families have benefited least from the current low interest rate environment in Europe. Some families are paying up to €4,000 a year more in interest than the comparable European average. Fianna Fáil is determined to ensure that variable rates are brought down to realistic levels. We will be holding the Minister for Finance to account in order to ensure he is making good on the commitment to force rates down."

(CD/MH)