Central Bank Making Progress on Tracker Mortgages – O’Rourke

 – As pressure continues to get fairer variable rates

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New figures reveal the true scale of the tracker mortgage scandal, with the estimate of affected customers increased by 13,600, bringing the overall total to date to 33,700 according to local Fianna Fail TD, Frank O’Rourke.

 “New information released by the Central Bank shows that the overall customers affected by the tracker mortgage scandal is now 33,700 an increase of 13,600 on what was previously reported.”

“The real story behind the latest figures is that the Central Bank had to flex its muscles to force the lenders to reveal the latest figures. I welcome the stronger approach being adopted by the Central Bank and together with Michael McGrath, our Finance Spokesperson, I had called for the Central Bank to be more aggressive in its approach with the banks. This approach is paying dividends,” stated Deputy O’Rourke.

“We must ensure that priority is given to ensure that all customers affected get the justice they deserve.”

“We must not lose sight of the higher variable rates that are charged in Ireland. The average interest rate on new mortgages in September of this year stood at 3.31%.  This is nearly double the equivalent rate across the euro area, which stood at 1.86%.”

“This means that a borrower with a mortgage of €200,000 is paying around €250 per month more than they would be paying in the average Euro area country.”

“As I have said in the Dail, mortgage rates in Ireland remain dramatically out of line with EU norms and must be addressed. We have pressed, and have had some success, for the extension of mortgage relief for those that bought their homes during the peak of the boom, however, we must now focus on the variable rates that are being charged by Irish banks,” concluded Deputy O’Rourke.

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