'We need to kickstart a war on mortgage rates' - Michael McGrath

Irish consumers are being warned they are being fleeced over mortgage rates.

Fianna Fail's Finance spokesperson says the rest of Europe is paying interest of around 1.8% - while Irish customers are paying an average of 3.2%.

Michael McGrath says Ulster Bank's recent drop in rates to 2.3% has the potential to finally shake up the market - but only if customers vote with their feet.

He said: "Hopefully it will provide the shakeup in the mortgage market that is so badly needed.

"But consumers now need to vote with their feet, they need to demand that the other banks offering mortgages in Ireland move their rates down to similar levels.

We really need to kickstart a war on mortgage rates in Ireland, otherwise consumers will continue to be ripped off.

- Digital Desk