Extending mortgage by 10 years can add extra €50,000 to final bill

HOMEOWNERS will pay an extra €50,000 by extending the term of their mortgage by 10 years.

Also as banks clamour to claw back control over interest rates, mortgage holders have been told to shop around now more than ever for the best deal.

This is according to the director of the Irish Mortgage Corporation, Frank Conway who said the cost of variable rate mortgages today versus where they were 12 months ago is far greater, despite much stability having returned to interest rates.