Construction News

14/06/2016

Reduction In Mortgage Interest Rate Welcomed

The reduction to the interest rate for local authority mortgage holders in Co Louth has been welcomed by Fine Gael.

The Housing Finance Agency (HFA) reduced the rate by 0.25% and it will come into effect on 01 July this year.

Fine Gael TD for Louth, Fergus O'Dowd, said it means that a local authority mortgage holder, with a €100,000 mortgage, will have an extra €21 in their pocket each month.

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Mr O'Dowd said: "The Minister for the Environment, Simon Coveney, has instructed that the reduction be passed on by local authorities directly to borrowers.

"This will be really welcome news for Local Authority mortgage holders in Louth and across the country. More than 13,700 households will benefit from the reduction.

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

(CD)

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