Newry Armagh Sinn Féin Sinn Féin -- Building an Ireland of Equals

Pass on interest rate cut immediately-Cllr Brendan Curran

Published: 10 October, 2008

Sinn Féin Housing spokesperson Councillor Brendan Curran has called on Banks and Building societies in the North to pass on the 0.5 per cent interest rate cut immediately and help hundreds of thousands of struggling homeowners

Councillor Curran said

"We hear on a daily basis the pressures homes owners are under with everything that is going on in the financial markets and how that has worked its way down into our homes ,businesses and communities .

To try and help ease those pressures I am calling on our banks and building societies to pass on the announced 0.5 % interest rate cut immediately to help local struggling homeowners and businesses

Figures just released by the charity Shelter show that nearly 900,000 homeowners are struggling to keep up with their mortgage payments .If this interest rate cut was passed on it could save an average household on a £200,000 mortgage around £60 a month. I would also call for that rate to be cut even further to try and stabilise the housing market plus give a much needed boost to homeowners .