Wednesday 22 November 2017

Noonan to meet banks to discuss standard variable mortgage rates

Michael Noonan
Michael Noonan Newsdesk Newsdesk

Finance Minister Michael Noonan is to start meeting with banks and lenders today top discuss the issue of standard variable mortgage rates.

The meetings follow on from concerns about the relatively high cost that Irish variable rate customers are paying compared to their European counterparts.

Some borrowers on tracker mortgages are paying rates of near 1pc while some on tracker rates are paying rates of 4.5pc.

Mr Noonan first put pressure on the banks on the issue earlier in the year, with the result that some lenders, such as AIB, cut their rates.

The first meetings will be with AIB and ACC. Mr Noonan is to meet six banks over the next two weeks.

Online Editors

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business