Sunday February 23, 2020

Borrowers caught between a rock and a hard rate

Dropping the SVR on mortgages might be too simple a solution to a complicated problem

7th June, 2015

It seems to be a fait accompli that the banks will drop mortgage rates because the Minister of Finance, Michael Noonan, told them to. Thus far, talk of any pitfalls has been avoided in the belief that subsidising certain categories of borrower serves a better common good.

Let’s break this down a little. There are more than 300,000 people with Standard Variable Rate (SVR) mortgages, but they are really three very different cohorts within this...

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