First-time buyers in Ireland paying €157 more on average each month on their mortgage

First-time buyers in Ireland paying €157 more on average each month on their mortgage

First-time buyers in Ireland are paying multiples more than the European average, according to new figures from the Central Bank.

The study shows that a new buyer is paying almost €157 more for their mortgage each month compared with the average in the Eurozone.

Ireland continues to top the league for the highest rates, the report found.

“Ireland continued to have the highest average interest rate across the euro area on all new mortgages agreed in August, at 3.15pc,” the Central Bank said in its latest statistical release.

The average interest rate issued on a new mortgage in August was 3.15pc. This was a slight fall from 3.21pc in July.

Although low for Ireland by historical standards, this compares with an average rate of just 1.77pc across Europe.

Separate figures from the Irish Banking and Payments Federation Ireland indicate that the average first-time buyer mortgage is now €218,702.

This means a typical first-time buyer who is borrowing that amount over 30 years will pay €156.40 a month more for their mortgage compared with the European average.

Over a year this works out at almost €1,900 a year more being paid here by a typical new borrower than in the rest of the euro currency area, according to calculations by price comparison site Bonker.ie.

There is 1 comment for this article
  1. Jamesmite at 12:02 pm

    Great Blog! Moreover, you clearly explained the average of first home buyers of each month on their mortgage. Thanks for posting these kinds of useful article.

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