Variable mortgage holders 'gouged' by banks, FF claims

Variable mortgage holders 'gouged' by banks, FF claims

Fianna Fáil's demanding the coalition put pressure on banks to stop "gouging" money from variable rate mortgage holders.

The party is putting forward a Dáil motion tonight calling for Government action on what it says is costing homeowners between €1,000 and €6,000 a year.

Finance Spokesman Michael McGrath said existing variable rate customers are being hit in a disproportionate way.

"The Government has gotten away with doing absolutely nothing about this – they haven't met the banks officially for over three years."

"At a time when people on variable rate mortgages are being gouged in this way by the institutions, it simply does not stand up."

"We know for a fact that the cost of funds for the banks is between 1-2% … yet they continue to charge between 4 – 4.5%"


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