Consumers to pay €100,000 in interest over €200,000, 25-year mortgage

CONSUMERS can expect to pay close to €100,000 in interest over a 25-year, €200,000 mortgage.

This is according to the latest Financial Regulator mortgage guide, which also said a €250,000 mortgage at 3.5% over 20 years would cost €97,975 in interest, whereas the same mortgage at 4.5% would cost €129,590 in interest.

The Financial Regulator has warned consumers to be careful about taking out a long-term mortgage and said that the extra interest cost of borrowing €250,000 at 3.6% over 35 years instead of 15 years is almost €120,000.