Posted on

O’ROURKE URGES GOVERNMENT TO ACT ON MORTGAGE RATES

Frank O’Rourke TD has again called for Government action on unacceptably high mortgage rates

Frank said “Irish Mortgage rates are noticeably higher than the average European rates and I’m calling on the Government to enlist the support of the EU. Irish banks are charging their customers double the EU mortgage rates. At a time when interest rates across the EU are falling, Irish Banks have increased the cost of taking out a mortgage.”

                                Frank O’Rourke TD

“My understanding from the Central Bank is that Irish mortgage rates are the second most expensive in the EU. The average interest rate on a new mortgage is around 3.pc compared with the average rate for the euro area of 1.7pc. To put this in real money terms, the average first-time buyer is paying an extra €154 a month for their mortgage, based on a loan of €225,000 paid back over 30 years. Parents and working families are in much need of this extra income to cater for their day to day expenses. In addition, as Brexit brings uncertainties, having this extra €154 per months available for the local economy will bring benefits to local businesses. “

“With our spokesperson on Finance, Michael McGrath TD, I continue to put pressure on the Government to deal with this inequality. I have repeatedly called on the Government to address the rising cost of living issues; such as Mortgage Rates and Insurance rates and they must get support from the EU to deal with this imbalance.”

“We also have a situation, where as the Taoiseach says our mortgage lending rules are ‘very tough’ when he cited situations where couples are trying to save for a deposit to buy a house but have to pay as much €2,000 in rent. We need to provide support to assist young couple buy their home.“

Posted on

O’ROURKE WELCOMES EASING OF MORTGAGE SWITCH RESTRICTIONS

Frank O’Rourke TD has welcomed the introduction of new rules by the Central Bank which will make it easier for mortgage holders to switch banks.

Frank said, “I have made repeated calls for a fairer mortgage market in Ireland. Irish variable mortgage rates are nearly double than of the EU average. The rest of Europe is paying interest of around 1.8% – while Irish customers are paying an average of 3.2% ”
“Under new central bank rules, Banks will have to tell customers if they can make savings on their mortgages. Recent research has established that approximately one-in-five homeowners could save money by switching to a better interest rate.”

“I am hoping that the new central bank rules in relation to mortgage switching will bring increased competitiveness to the market, with better rate offers from banks who will not want customers to switch to another lender.”

Posted on

O’ROURKE URGES THE OPENING UP OF THE MORTGAGE MARKET

Frank O’Rourke TD has called for increased action to open up the Irish mortgage market to ensure that Ireland enjoys the same mortgage rates as other EU countries.

Frank commented, “Ireland mortgage rates are entirely unjustifiable and the banks must be tackled to ensure that fairer mortgage rates are available to Irish home owners. Irish mortgages are double that of the average in the EU, 3.3% as opposed to EU average of about 1.7%.”

“An Irish mortgage holder, with a 30 year term of €250,000, is paying €1085 per month. This is around €188 per month, equivalent to €2,200 per year or €68,000 over the lifetime of the mortgage, more than they would be paying in the average Euro area country.”

“This massive differential is impacting negatively on the quality of life of hundreds of thousands of individuals and families around our country and depriving local economy of much needed stimulus.” Continue reading “O’ROURKE URGES THE OPENING UP OF THE MORTGAGE MARKET”

Posted on

O’ROURKE WELCOMES AN POST ENTRY INTO MORTGAGE MARKET

Fianna Fáil Deputy Spokesperson on Finance, Frank O’Rourke TD has welcomed An Post’s announcement that it intends to enter the Irish mortgage market in 2019.

Deputy O’Rourke has repeated calls for increased competition in the mortgage market as Irish mortgage holders are paying significantly more than other EU mortgage holders.

He commented, “For some time now, the Irish mortgage market has been badly in need of a major shake-up. The average standard variable rate for a mortgage in Ireland is currently around 3.2%. This is nearly 1.4% higher than the average Eurozone rate, which stands at 1.8%. This is what makes the statement from An Post so significant.”

“This means that a borrower with a mortgage of €200,000 is paying €250 per month more than they would be paying in the average Euro area country.” Continue reading “O’ROURKE WELCOMES AN POST ENTRY INTO MORTGAGE MARKET”

Posted on

Frank O’Rourke – Rate Cut by Ulster Bank a major breakthrough

Local Fianna Fail TD and Deputy Spokesperson on Finance, Frank O’Rourke, has described Ulster Bank’s decision to cut its 2 year fixed mortgage interest rate to a market best of 2.3% as a major breakthrough for consumers and a validation of the strategy pursued by Fianna Fail over the last number of years.

Frank said, “Ulster Bank have announced that they are lowering their 2 year fixed rate mortgage interest rate to 2.3%. Over the last two years, I have raised the importance of bringing fairness to the mortgage rates in Ireland and this move by the bank is a recognition that their rates to-date were not fair.” Continue reading “Frank O’Rourke – Rate Cut by Ulster Bank a major breakthrough”