Banks should follow new entrant Avant Money by cutting mortgage interest rates – Pearse Doherty TD
Sinn Féin spokesperson on Finance Pearse Doherty TD has welcomed the lower lending rates offered by new entrant in the mortgage market, Avant Money.
Deputy Doherty called on other lenders to cut interest rates, with Ireland having the third-highest interest rates in the EU.
Teachta Doherty said:
“Today’s announcement by Avant Money is a welcome development in the mortgage market, with the Spanish-owned lender offering borrowers fixed and variable rates below the current rip-off average offered by banks.
“Ireland’s interest rates are the third highest in the EU, with Irish mortgage borrowers paying interest rates more than twice the European average.
“For years the banks have claimed these prices were unavoidable, but today’s 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.”