Interest rate reduction is good news for Local Authority mortgage holders in Louth – O’Dowd

Fine Gael TD for Louth, Fergus O’Dowd, said that the decision to reduce the interest rate for Local Authority mortgage holders in Louth, from the 1st of July, will come as very welcome news.

“I’m delighted to see that the State body the Housing Finance Agency (HFA) is to reduce the mortgage interest rate by 0.25% for variable-rate local authority borrowers.

“The Minister for the Environment, Simon Coveney, has instructed that the reduction be passed on by local authorities directly to borrowers.

“This will be really welcome news for Local Authority mortgage holders in Louth and across the country. More than 13,700 households will benefit from the reduction. It means that a local authority mortgage holder, with a €100,000 mortgage, will have an extra €21 in their pocket each month.

“This is the sixth consecutive interest rate decrease, and brings the rate down to 2.3%, which is some 1.7% below the average variable mortgage rate of 4%.

“This is very welcome news for mortgage holders here in Louth and around Ireland.”