Council mortgage rate reduced to 2.3%

Brendan Burgess

Brendan Burgess

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An article from Charlie Weston here:

http://www.independent.ie/business/...ank-rates-still-stubbornly-high-34795041.html

"
Thousands of people with mortgages from local authorities will benefit from a sixth cut in the interest rate.

Housing Minister Simon Coveney is set to announce today that the interest on city and county council mortgages is being slashed by 0.25pc.

This will take the rate down to 2.3pc, half of the standard variable rate charged by the likes of Bank of Ireland and Permanent TSB.

Some 13,700 households will benefit from the reduction, which takes effect from the beginning of next month.

These people have an affordable home, tenant purchase, shared ownership or private purchase loan from their local authority.

Councils lend to people unable to get funding from a bank, provided their income is below certain limits."
 
Last edited:
Andy836 said:
These would be the loans where a requirement is to be declined by at least 2 other Banks
Click to expand...

Ah lads, these threads are just getting better!

Not only will I go bankrupt later this year and rid my self of all this debt - BTL's, Credit Card, Income Tax etc...

.. sure a year later I'll get myself two declined bank loans - then off down to the council for a new cheap 'tracker'.

Great little country
 
So now the taxpayer is offering tracker mortgages to people who can't get credit elsewhere?
This is reverse logic, the higher the risk the lower the rate?
Meanwhile this is being funded by many taxpayers paying a premium variable rate on their own mortgage.
 
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