“Irish mortgage holders must be empowered to seek better rates from other EU banks” –  MEP MacManus

Sinn Féin MEP Chris MacManus has said it is time for Irish consumers to be empowered to seek mortgages from banks in other EU countries. The Midlands Northwest MEP said an upcoming EU review of the Mortgage Credit Directive should be focused on making this a reality.

“As the cost of living crisis continues we must look at what is, for some people and families, their biggest monthly bill – the mortgage. It is well documented how much Irish consumers are paying over the odds compared to our EU neighbours. The Central Bank data shows that an average new Irish mortgage costs 2.71% interest while the average across the EU is 1.3%. Irish Brokers say this amounts to €2,539 extra a year for the average new mortgage.”

“This has to change and the review of the Mortgage Credit Directive should be focussed on making a single market for mortgages a reality. We are constantly being reminded of the advantages of the single market, yet it seems some vested interests get undue protection. So let’s make the single market work in favour of Irish mortgage holders. In theory this should already be possible but EU reports show how in practice it is not happening, with still only a tiny percentage of mortgages being sold across borders within the internal market.”

“Mortgage holders should consider switching mortgages in the immediate term but the issue of high mortgage rates has been with us so long that a new approach must be on the cards. The Commission is running an open public consultation until the end of February which will inform its proposal for a review. I will be pushing to make sure real mortgage choices will be available for Irish mortgage holders by seeking a genuine single market for mortgages.” ENDS