Recent figures from the Central Bank show that borrowing money for house purchases in Ireland costs an average of 3%, almost 15% cheaper than the euro zone average at 3.49%. Despite this, the cost of mortgage loans in Ireland is rising, despite the ECB main interest rate remaining unchanged.
Banks are currently losing money on their tracker mortgage products, and so are charging more for their standard variable rate and fixed rate mortgages.
If you are planning to take advantage of the low (but rising) mortgage prices to buy your first home, up-size, or purchase an investment property, you may also be considering the cost of home insurance. Paddy Compare can compare home insurance in Ireland for you, saving the hassle and getting the best prices. Try Paddy Compare for house insurance today!