We're paying €80000 more than the average mortgage in eurozone

It means that a new home buyer is paying €80,000 more over the term of a typical mortgage than the average in the currency zone, according to brokers.

The chief executive of Brokers Ireland, Diarmuid Kelly, worked out that the difference in rates charged here compared with the average in the eurozone amounts to thousands of euro more being paid in this country.

He said the difference meant Irish consumers end up paying €80,000 more than most of their eurozone counterparts, on a €300,000 mortgage over 30 years.

The Central Bank's 'Retail Interest Rates' statistical release also shows a huge drop in the value of mortgage lending in July compared with the same month last year.

And Avant Money is to enter the market this autumn, in a move expected to put massive pressure on existing lenders to slash their rates.

Labour finance spokesperson Ged Nash criticised the continuing rise in interest rates on loans for new homeowners and businesses at a time when banks can borrow at near 0pc or below.

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