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13/06/2016
HFA Approved Mortgage Reduction To Be Passed On To Borrowers - Coveney
The Housing Finance Agency (HFA) has announced that it will reduce the mortgage interest rate by 0.25% for variable-rate local authority borrowers, it has announced.
Welcoming the news, the Minister for Environment, Community and Local Government, Simon Coveney, said that the reduction will be passed on by local authorities directly to borrowers, with around 13,700 households expected to benefit from the reduction, which takes effect from 01 July.
This is the sixth consecutive interest rate decrease, and brings the rate down to 2.3%, which is some 1.7% below the average variable mortgage rate of 4%.
Minister Coveney said: "I am delighted with the HFA's decision to reduce the local authority mortgage interest rate. As a result, a local authority mortgage holder with a €100,000 mortgage will have an extra €21 in their pocket each month. The rate cut is evidence of an extremely competitive path to home ownership being offered by the HFA."
(MH/LM)
Welcoming the news, the Minister for Environment, Community and Local Government, Simon Coveney, said that the reduction will be passed on by local authorities directly to borrowers, with around 13,700 households expected to benefit from the reduction, which takes effect from 01 July.
This is the sixth consecutive interest rate decrease, and brings the rate down to 2.3%, which is some 1.7% below the average variable mortgage rate of 4%.
Minister Coveney said: "I am delighted with the HFA's decision to reduce the local authority mortgage interest rate. As a result, a local authority mortgage holder with a €100,000 mortgage will have an extra €21 in their pocket each month. The rate cut is evidence of an extremely competitive path to home ownership being offered by the HFA."
(MH/LM)
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