Sinn Féin is calling on lenders to cut interest rates after Avant Money announced it is offering borrowers fixed and variable mortgage rates below the current average offered by banks.

Spokesperson on Finance Pearse Doherty TD said: "Ireland's interest rates are the third highest in the EU, with Irish mortgage borrowers paying interest rates more than twice the European average.

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"For years the banks have claimed these prices were unavoidable, but the announcement by Avant Money blows a hole in these claims.

"Inability to access housing has been a crisis created by Government inaction and developer-led policy; but it has been worsened through price-gouging by mortgage lenders.

"Other lenders must now respond by cutting interest rates that have been too high for too long."