Sunday 21 October 2018

Good news for homeowners as mortgage interest rates to stay low for 2018

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Mortgage interest rates will remain low in 2018.

With the low interest rates highlighting the value of low repayments, the move will place greater pressure on the Government to resolve the tracker mortgage scandal.

Yesterday the European Central Bank announced that it was cutting its massive stimulus plan, which begun in 2015 to help kick-start the eurozone economy, but extending it to run until September, the Irish Independent reports.

However, interest rates were left untouched as predicted, and the European Central Bank reaffirmed its guidance to maintain this for some time.

"The key European Central Bank interest rates were kept unchanged and we continue to expect them to remain at their present levels for an extended period of time," the Bank said, following its latest policy meeting.

Meanwhile, Taoiseach Leo Varadkar said that he is powerless to instruct members of the Gardaí to conduct an investigation into the tracker mortgage scandal.

He said the government doesn't have the authority to instruct the Gardaí to conduct investigations, adding that he wouldn't like to live in a country where it did have that power.

His remarks come a day after the Independent Alliance issued a statement saying they believe what happened to 20,000 bank customers - who were wrongly taken off tracker mortgages and lost money as a result - should be subject to a criminal investigation.

Mr Varadkar said that if people believe a crime has been committed or if they have evidence, it should be reported to the Gardaí.

"That's how we deal with crimes in this country.

"The government doesn't have the authority to send in the Gardaí or the fraud squad and I wouldn't like to live in a country, quite frankly, where politicians could order in the police or the fraud squad in the way that some people have suggested."

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