The Tipperary branch of Fianna Fáil has put forward proposals to resolve the mortgage crisis facing thousands of householders across the country - plans which they hope will be adopted by an FF-led government in the next Dáil.
“Our scheme is structured, coasted and scalable since the scheme is beneficial to the mortgage holders and the Banks,” Paddy Ryan told the Tipperary Star. “The mortgage holder will remain in their home and retain ownership. There will be no cost to the state or tax payers, and no debt forgiveness. Costs will be borne by the mortgage holders. The plan will split the mortgage into two parts. The first part, is paid from what the mortgage holders can afford. The second part, the amount that cannot be paid is parked but still clocks up interest at the same rate as the original mortgage and remains repayable. This will result in the mortgage being extended to cover additional interest and capital repayments. How do mortgage holders qualify for the scheme? A guide would be that the mortgage holder would pay 30% of their disposable income to their mortgage. We assume a mortgage of €250,000 over a period of 25 years, payment €1,297.50 per month.”
Full story in this week’s Tipperary Star.