Debate surrounding variable rate mortgages in Ireland

The plight of variable rate mortgage holders being left out in the cold by the banks is falling between a number of agencies — none of which are taking responsibility for the situation.

Banks’ recent tendency to unveil lower rates for new customers have ignored existing variable rate customers who are forking out up to €6,000 a year more than tracker mortgage holders on a standard €200,000 mortgage.

Calls from Fine Gael MEP for the Competition and Consumer Protection Commission (CCPC) Brian Hayes into what he termed the “excessive” rates were met with little success which, according to Irish Brokers Association chief executive Ciaran Phelan, is worrying.