Frank O’Rourke TD has called on the Government to press for the formation of a European Single Market for mortgages, as Ireland’s mortgage rates continue to be significantly higher than the average EU mortgage rate.
“The average standard variable rate for a mortgage in Ireland is currently 3.26%. This is nearly 1.5% higher than the average Eurozone rate which stands at 1.83%. In my view the Government have let down Irish customers as recent reports indicate that Irish first-time buyers will pay up to €61,641 more in interest costs over the lifetime of their mortgages than anywhere else in Europe.”
“For example, an Irish borrower with a mortgage of €200,000 is paying around €250 per month more than they would be paying in the average Euro area country,” stated Deputy O’Rourke. Continue reading “European Single Market needed for Mortgages – O’Rourke”