Irish mortgage holders paying more interest than EU counterparts, Central Bank finds

Irish mortgage holders paying more interest than EU counterparts, Central Bank finds

Average mortgage rates in Ireland are significantly higher than in the Eurozone, according to new Central Bank figures.

The rate on all new floating rate loan agreements for house purchases was 3.11% in July 2016, the regulator stated, compared to an average rate of 1.82% in Europe.

Renegotiated loans for house purchases totalled €410m in July. The average interest rate for renegotiated mortgages was 2.94% in July.

Once renegotiations are excluded, the average interest rate on all pure new mortgage agreements stood at 3.49% in July.

Variable rate mortgages accounted for around two-thirds of all new mortgage agreements in Ireland over the past year, for both principal dwellings and buy-to-lets – also significantly above the equivalent euro area share.

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