Irish mortgages among most costly

Irish mortgage holders are continuing to pay higher-than-average interest rates on new home loans despite recent reductions, new research from the Central Bank shows.

The standard variable rate on new lending for owner- occupiers stood at 3.76% at the end of 2015 having fallen from 4.13% in the first quarter of the year.

Despite the decrease, new mortgage loans and restructured arrangements continue to be accompanied by inordinately high interest rates in comparison with other EU countries.