Minister for Housing Eoghan Murphy has sanctioned a three-month-long mortgage break for people living in social housing.
It is understood that local authorities will have the application forms available from today.
Private banks have so far granted around 45,000 similar payment breaks, with the usurious caveat that the break only applies to the principal, meaning interest will still accrue on ‘missed’ payments. This tactic will generate an extra €100million for the banks in the long run.
The payment break for those in social housing applies to both the principal and the interest.
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