Dublin West TD and Minister for Social Protection has welcomed the decision by Fingal County Council to reduce the interest rate on local authority mortgages from 2.55% to 2.3%.
“From July 1st anyone with a local authority mortgage in Dublin West and right across Fingal will see their interest rate drop from 2.55% to 2.3%. This is very welcome news and I commend the council for taking this decision.
“This is happening because the Government has asked local authorities across Ireland to make sure that they pass on a recent interest rate cut brought in by the Housing Finance Agency. This Agency has reduced its interest rate by 0.25% for variable-rate local authority borrowers.
“This is really welcome news for local authority mortgage holders in Dublin West and across Fingal. A local authority mortgage holder with a €100,000 mortgage will gain around €250 in a full year.”