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Ireland back on top of the mortgage league of shame

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 (stock image)

(stock image)

(stock image)

IRELAND is back at the top of the mortgage league of shame.

Mortgage rates in this country are again the most expensive in the Eurozone.

Greece had the most costly home loans for a number of months, but it had been deposed at the top of the league by banks in this country.

This means borrowers in this country are again paying the highest rates in the currency bloc.

Home buyers in this country with new mortgage agreements are still paying double the average rate in the rest of the Eurozone despite recent falls in rates.

New Central Bank figures show the average mortgage rate here for new contracts was 2.92pc in January.

This is almost double the average in the Eurozone at 1.39pc, despite the small drop in the month.

“Ireland had the highest mortgage interest rates across the Euro-area in January,” the Central Bank said.

The average first-time buyer mortgage is around €225,000.

This means someone borrowing this amount over 30 years is paying almost €180 extra a month or over €2,160 a year compared to our European neighbours.

Banks blame higher levels of arrears and the difficulty repossessing properties, where the mortgage is not being paid, for the high lending rates.

Online Editors