Fair Mortgage Rates Group wants cap on cost of mortgages

The high costs of Irish mortgage loans look set to loom large in the election as a campaign group yesterday won the support of leading Opposition politicians to cap the costs of mortgages here.

The Fair Mortgage Rates Campaign is led by consumer affairs expert Brendan Burgess. It wants politicians to help borrowers who cannot switch to lower variable rate loans due to circumstances beyond their control.

At a press briefing held by the Fair Mortgage group with invited politicians, Fianna Fáil finance spokesman Michael McGrath and Sinn Féin finance spokesman Pearse Doherty separately said that they backed the aim of the group to impose some sort of ceiling on the costs of mortgages in the State.