Saturday 18 November 2017

Banks must give, not just take

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.

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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