Mortgage interest rates ‘to remain high’, Central Bank figures show

Ireland’s mortgage interest rates will likely remain among the highest in the eurozone if a proposed bill preventing banks from selling customers’ homeloans without borrower approval is passed into law, a financial services representative group has said.

Latest Central Bank figures show Ireland to still have the second highest interest rate on new mortgages in the eurozone, at 3.03%. The average new mortgage rate in the eurozone is 1.77%. Only Greece has a higher rate than Ireland among countries which have the euro as their currency.

Sinn Féin unveiled its draft ‘No Consent, No Sale’ bill last month and the Central Bank has already warned government that the bill could prompt an increase in interest rates and lead to financial stability risks for the State…read more

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