Political pressure builds for mortgage rate cuts

The countdown to politicians forcing cuts in costly mortgage rates quickened yesterday as Fianna Fáil pledged to reintroduce a bill in the Dáil that it says will swiftly pave the way for lenders to slash home loan rates.

Finance spokesman Michael McGrath told the Irish Examiner he will table legislation “within weeks” to give the Central Bank extensive powers persuading lenders to cut expensive standard variable mortgage rates.

“We will introduce legislation at the first opportunity,” said Mr McGrath.