10 May 2019

Fianna Fáil TD for Galway East and European Parliament candidate for Midlands-North-West Anne Rabbitte has called for the establishment of an EU mortgage market. At present European average mortgage interest rates are significantly higher than the Irish average.

Deputy Rabbitte explained:

We are paying significantly more than our European neighbours over the lifetime of a mortgage. If elected to the European Parliament I will endeavor to establish an EU mortgage market to cut costs for borrowers. With average interest rates at 3.04 per cent, we are 1.25 per cent higher than the euro zone average of 1.79 per cent. If we had the same mortgage rates as our European counterparts’ families in Galway could save €26k, in Sligo save €18k, in Mayo save €20k. There are significant changes for young families over the life time of their mortgages.

Deputy Rabbitte went on to say:

Having spent many years in the financial sector I understand how difficult it is for young families and the consequence of high interest rates.

Below please see county breakdown and potential savings if EU mortgage interest rates were applied to the Irish market.

County Average House Price

Monthly Payment

@ 3.04%

Monthly Payment

@ 1.79%

Total Savings
Cavan €162,757 €815.32 €726.54 €21,305.62
Donegal €145,691 €729.83 €650.36 €19,071.66
Galway €201,542 €1,009.61 €899.68 €26,382.84
Kildare €266,430 €1,334.66 €1,189.34 €34,876.96
Leitrim €137,038 €686.48 €611.73 €17,938.90
Longford €142,501 €713.85 €636.12 €18,654.08
Louth €220,272 €1,103.44 €983.29 €28,834.69
Mayo €156,147 €782.15 €696.99 €20,438.89
Meath €268,834 €1,346.70 €1,200.07 €35,191.71
Monaghan €174,870 €876.00 €780.62 €22,891.32
Roscommon €145,652 €729.63 €650.19 €19,066.57
Sligo €142,936 €716.02 €638.06 €18,710.94
Westmeath €204,729 €1,025.57 €913.91 €26,799.99

 

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