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Irish mortgage rates back to being the most expensive in Eurozone

Ireland is back to having the most expensive new mortgage rates in the Eurozone.

The difference between Irish rates and the average in the Eurozone means homebuyers here are paying almost €190 extra per month compared with our European neighbours.

The incentive for banks to cut rates is weakening with the confirmation that Ulster Bank is shutting down.

Average new mortgage rate in Ireland was 2.79% in January whereas the average for the euro area stood at 1.29%.

A report says the difficulty in repossessing property is another key reason for the high cost of mortgages here.

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