Construction News

15/06/2015

Variable Mortgage Rates To Be Cut By 0.2%

Variable mortgage rates are to be cut by 0.20% it has been announced.

The Board of the Housing Finance Agency (HFA) decided to decrease its rates at a meeting on Friday 12 June.

Environment Minister Alan Kelly welcomed the decision.

He said: "The current variable mortgage interest rate of 2.75% is already around 1.5% lower than standard variable mortgage rate and is the lowest rate available currently in the domestic mortgage market.

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"This new rate cut will bring the variable mortgage interest rate charged to local authority borrowers down to 2.55% with effect from 1 July.

"I am pleased with the HFA decision to reduce its rate, and that this is being passed on in full to local authority borrowers. The reduction will have real meaning for 13,700 households with a local authority variable mortgage. The saving amounts to €17 per month on a typical mortgage of €100,000."

(CD/JP)

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