Fair Mortgage Rates Campaign seeks politicians support for cap on loan costs

A campaign group aiming to propel the high costs of mortgage rates up the election agenda was launched yesterday. It immediately won the broad support of two of the main opposition parties.

The Fair Mortgage Rates Campaign led by consumer affairs expert Brendan Burgess wants to win over the commitment of politicians to help borrowers who are not free to switch to lower rates.

The Government last summer came under pressure over the very high level of standard variable rates the banks were charging customers at a time when the ECB was cutting key rates.