Homeowners may be paying €835 extra per month on mortgage

HOMEOWNERS could be paying as much as €835 extra a month by not shopping around for the best mortgage rate.

The lowest mortgage rate on the market is the 2.25% standard variable rate from AIB while the highest is 7.75% on afive-year fixed deal from Bank of Scotland (Ireland), according to the Irish Mortgage Corporation.

Monthly repayments on a 30-year €250,000 mortgage at 2.25% are €955.62 per month while a person on a rate of 7.75% on the same terms would be €1,791.03.