Fianna Fáil trying to scaremonger struggling homeowners

Fine Gael Meath West TD and Campaign Manager for the Meath East Bye-Election, Damien English, has today (Thursday) said that Fianna Fáil should stop scaremongering homeowners who are struggling to pay their mortgages. Deputy English added that the Government’s new mortgage arrears strategy would stack the system in favour of homeowners and force the banks to address the problem.

“The Government has announced an accelerated plan which is primarily focussed at keeping people in their family homes and providing long-term solutions to the mortgage arrears crisis. Targets are being set for the banks, which will mean that by the end of this year, half of all families in mortgage arrears will be offered a solution to manage their debt. This means about 45,000 people will have their mortgage problems addressed by the end of the year. Progress will be closely monitored by the Central Bank and the Government.

“Fianna Fáil’s predictable knee-jerk reaction is to whip up fear among homeowners who are already under considerable pressure. Solutions will be found for the vast majority of homeowners in trouble. Repossessions will only happen as a last resort, and will mostly affect buy-to-let mortgages, where developers are no longer able to service the loans. When Fianna Fáil was kicked out of Government, they left behind about 45,000 people in mortgage arrears, with no hope and no strategy.

“Progress from the banks has not been as fast as we would like on this issue. That is why we have set time-bound targets for the banks to force them to take action. If they don’t play ball and deal with this issue, the Central Bank has the power to penalise the banks.

“I’ve been knocking on the doors in Meath East over the last week, and it is clear that mortgage arrears are a major cause for concern for individuals and families. People feel that they were abandoned by the previous Fianna Fáil Government, which left them saddled with unsustainable debt and no prospect of a solution.”

“We now have the necessary legislation, structures and supports in place to deal with our debt problem. I would urge anyone struggling to pay their mortgage to fully engage with their bank, so a sustainable solution can be found to keep them in their family home. In situations where the mortgage is completely unsustainable, there are a number of options that are available to keep people in their homes, such as the mortgage-to-rent scheme.

“Fianna Fáil promised responsible opposition, but they are now engaged in scaremongering the electorate. The Government is determined to deliver the solutions people need to tackle their debt and get on with their lives. We want to keep people in their family homes and give them certainty about the future.”