Mortgage interest relief 'something we will consider', says McGrath

Finance Minister Michael McGrath said he had met with the banks and non-bank lenders, adding that  they 'have an obligation to work in the spirit of co-operation with borrowers'. Picture: Sam Boal/Rollingnews.ie

The Government is considering financial supports for homeowners struggling with "dramatic" rises in mortgage interest rates, with Finance Minister Michael McGrath warning banks not to allow genuine payers to fall into arrears.

The pledge to help hard-hit homeowners comes a day after the European Central Bank hiked mortgage rates to 20-year highs, and major Irish banks responded with another round of increases.