Michael McNamara (Clare, Independent) | Oireachtas source

People might be on a loan-to-value rate of 4.5%. Not alone are they paying more than they would if they had a mortgage with the bank's competitors but they are also paying it on an historic loan-to-value ratio because, presumably, they initially fixed for three, five or perhaps ten years. The value of the home and the ratio of the loan to that value is entirely different now from the value on which they are being charged.