Responding to today’s Central Bank Retail Interest Rates publication for June showing the weighted average interest rate on new Irish mortgages down six basis points to 4.11 per cent, Brokers Ireland have advised all mortgage holders to move with “extreme caution”.
They also advised people to ideally take impartial advice, particularly in the current period of change.
Rachel McGovern, Brokers Ireland deputy chief executive, said competition between providers was improving with the advent of new lenders.
“And there is optimism about further ECB rate reductions before the end of the year,” she said.
“New mortgage applicants, those on variable rates who could switch, and those coming off fixed rates around now, up to 80,000 this year alone, and who will face what is for them much higher interest rates, need to consider their next decision very carefully.”
However, many are stuck on very high rates, particularly those with non-bank lenders and the 180,000 tracker mortgage…
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