Campaign for Mortgage Fairness
There are at least 300,000 households who are on standard variable rate mortgages. These families have benefitted least from the current low interest rate environment in Europe. For a typical €200,000 mortgage, a standard variable rate customer will pay 2% more in interest which equates to approximately €4,000 a year more than a comparable borrower in Northern Ireland and other European countries. Fianna Fáil has been to the forefront of the campaign to end the rip-off of variable rate mortgage customers.
Our Central Bank (Variable Rate Mortgages) Bill 2015 will deal with this comprehensively:
The legislation we are proposing is balanced between the obvious need for banks to be profitable and the rights of consumers to be treated fairly. The Central Bank would be given responsibility for monitoring the level of competition in the mortgage market and the fairness of rates charged
No comments:
Post a Comment