Irish mortgage-holders paying €2,000 extra a year compared to EU homeowners

Irish homeowners are paying almost €2,000 more a year for their mortgage than their European counterparts.

Figures from the Central Bank show that for April the average interest rate, at just over 3%, was the second most expensive in the currency zone.

It is reported that, on average, Irish mortgage holders are paying €150 more each month than mortgage holders in the rest of the EU.

Central Bank figures show the average new mortgage rate in Ireland in April was 3.03%, up 0.03% on March. The average rate for the euro area was 1.7%, down from 1.74% in the previous month.

Brokers Ireland said it was disappointed that the average interest rate on new mortgages had gone up.

Diarmuid Kelly, from Brokers Ireland, said: "There is no real rationale for this change, on the contrary the international environment would indicate otherwise."

H/T: The Independent