It's reported this morning that the country's leading mortgage lenders have agreed to cut their variable rates for mortgages – or offer their customers new deals.
According to the Irish Independent, the Finance Minister will announce that the long-running dispute with banks over the interest paid on home loans has come to an end.
It follows a series of meetings with the lenders in recent weeks – and it's understood the new arrangements will be in place by July.
As it stands Irish borrowers are charged up to €350 per month more in interest rates than the EU average – with our lenders reluctant to pass on rate cuts from the ECB.
According to the Irish Independent, the Finance Minister's series of meetings with the lenders has been successful. It says variable rates will be cut by around 0.25%.
Homeowners could also be given the chance to swap their variable rate mortgage for a fixed-rate one.
The ultimate aim is to get all borrowers on interest rates of below 4&. The new measures should be in place by July.
