Interest Rates

Government weighs mortgage relief to help ease pain from rate hikes

But the reintroduction of relief, which was phased out in 2020 can’t be “promised”, Leo Varadkar said

The proposal is part of a range of initiatives in Europe to ease the pain on consumers and avoid further disruption in housing markets as higher interest rates and inflation squeeze households. Picture: Getty

The government is weighing the reintroduction of mortgage relief as part of this year’s budget package to ease the financial pressure on borrowers as the European Central Bank’s rate tightening continues.

Concessions for mortgage holders will be among options considered to help people in response to cost of living pressures in next year’s budget, Taoiseach Leo Varadkar told reporters. But the reintroduction of relief, which was phased out in 2020 can’t be “promised,” he said.