Thursday 19 January 2017

Banks must give, not just take

Published 02/02/2010 | 05:00

IRISH taxpayers, especially if they are also mortgage holders, have to wonder if all dealings between ordinary citizens and financial institutions must always consist of one-way traffic, a system in which the taxpayers and mortgage holders give and the banks take.

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Permanent TSB, Bank of Ireland and KBC Homeloans charge higher fixed rates to existing customers than new customers.

A new customer has the option of a fixed-rate mortgage for five years at 3.7pc. An existing customer who wishes to access the five-year rate has to pay 5.75pc. The difference in repayments on a €250,000 mortgage over 30 years would come to €293 a month.

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