Central Bank still pretending mortgage rates for new business are lower than they actually are.

[newirishman]

Sarenco

Thank you very much for answering my question.

We might settle in some other Eurozone country instead as that seems a bit on the high side.

What is the average rate being paid by people like me in the rest of the Eurozone? You know, people who are new customers to their banks?

You really decide on where to settle based on an average interest rate for a mortgage for a house purchase?
I've heard and seen many reasons for moving to a certain country/city/place, but the interest rate for a mortgage wasn't on a list I've seen before.

 

[Aussie Guy]

Yes, the Euro zone average figure is a lot lower than the comparable Irish figure.

The link to the Central Bank paper in the above post details what is included in the new business rate, including what is meant by a restructured loan.

I appreciate that you won't be restructuring a loan which is why I said the data is of limited value to an individual borrower. That is not the purpose of the data.

I am more confused than ever now.

The average new business LTV or standard variable rate at the end of March, as stated above, was 3.64%.

The average rate in Ireland appears to be 3.64%

I have read that link but I don't understand it. Could you explain to me in simple terms what a "restructured loan" is?

Why does the ECB quote rates for "restructured loans" and not for the bog standard person like myself applying for a loan as a new customer?

 

[Gordon Gekko]

This is a wind-up.

Ignore it, Sarenco.