Irish cashback mortgages 'costing least knowledgeable many thousands'

TCD professor Michael King said Irish interest rates are higher across all cashback products compared with Britain and Canada. Picture: iStock

Irish banks are offering among the most expensive cashback mortgages that end up costing the least knowledgeable borrowers many thousands of euro over the lifetime of their loans, a leading expert has warned.

TCD professor Michael King said Irish banks continue to sell cashback mortgages to the least financially literate, who end up missing out on lower-cost home loans that don't lure borrowers with cash incentives.