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Brian Hayes MEP discusses Variable Mortgage Rates and ways to make them more affordable

I have continuously argued that the European Commission should bring in rules that make it easier for mortgage holders to switch mortgages on a cross-border basis. We are in a single market. We have a European Central Bank which sets the main interest rate for banks. There is no reason why a mortgage holder in Ireland should not be able to switch their mortgage to avail of a lower rate.

We need to look at what the Italians have done on switching. By shopping around and making it easier to switch – it will bring better rates for mortgage holders and more competition. Switching should be a consumer right.

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