Mortgage holders pay 2,600 euros more per year here than on the mainland

Mortgage owners acquiring € 2,600 more than a year here only on the mainland

Independent.ie

Homebuyers in this country are paying thousands more euros a year than people on the mainland.

https://www.independent.ie/business/personal-finance/property-mortgages/mortgage-holders-paying-2600-more-a-year-here-than-on-the-continent-37116329.html

https://www.independent.ie/incoming Buyers in this country are paying thousands more euros a year than the mainland people.

This is because mortgage rates in this country continue to be the highest in the eurozone.

New Central Bank figures confirm that people who take out a new mortgage are billed an average of 3.21 pc

This means that borrowers here are paying 220 euros more per month than the euro area average on a mortgage of 300,000 euros over 30 years.

In a bulletin, the Central Bank admitted: "Ireland continued to have the highest average interest rate of the euro zone on all new mortgages agreed in May, at 3.21pc

"Rates varied considerably by country" Ireland is the only country in the euro area with an average rate above 3 pc

Some 10 out of 19 euro area countries report of an average rate on new mortgages in May of less than 2pc

Fianna Fáil Finance spokesman Esman Michael McGrath described the rates here as a scam

"Mortgage interest rates in Ireland are totally unjustifiable and banks can not continue to harbad Irish consumers in this way. "

The differential in interest rates has a negative impact on the quality of life of hundreds of thousands of individuals and families across the country.

million. McGrath accused the government and the Central Bank of showing no interest in the matter.

"Both seem happy to allow Irish mortgage holders and SMEs to pay the most expensive debt in Europe."

Figures show that fixed rate mortgages accounted for 54% of new loans in the three months prior to May.

Compared to 80pc new agreements at the same time in the euro area.

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