Thousands of home mortgage holders to pay €3,000 too much this year

TENS of thousands of home owners will pay up to €3,000 too much this year for their mortgage, it was claimed yesterday.

Figures released by independent financial group IFG Group show that, over the course of a 30-year loan, some people will make €50,000 in unnecessary interest repayments.

IFG’s Gary Owens said many people are unaware they can switch mortgage provider without penalty — and with the lenders picking up the cost of the legal fees. With house prices having fallen in 2007, the majority of mortgage holders are paying extra cash for assets that are declining in value.