Construction News

13/06/2016

Mortgage Interest Rates To Be Reduced By 0.25%

Mortgage interest rates are to be reduced by 0.25% for variable-rate local authority borrowers, according to the Housing Finance Agency (HFA).

Over 13,000 householders will benefit from the reduction which takes from 01 July 2016.

This is the sixth consecutive interest rate decrease, and brings the rate down to 2.3%, which is around 1.7% below the average variable mortgage rate of 4%.

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Minister for Environment, Community and Local Government Mr.Simon Coveney TD said: "I am delighted with the HFA's decision to reduce the local authority mortgage interest rate. As a result, a local authority mortgage holder with a €100,000 mortgage will have an extra €21 in their pocket each month. The rate cut is evidence of an extremely competitive path to home ownership being offered by the HFA.

"I am also pleased to announce that the HFA finalised a €150 million loan facility with the Council of Europe Development Bank (CEB) on Tuesday last."

(CD/MH)

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