Ossian Smyth (Dún Laoghaire, Green Party) | Oireachtas source

I am acutely aware that there have been increases in certain mortgage rates by some lenders. It is important to point out that mortgage interest rates and, in particular, fixed interest rates have fallen over the past number of years. For example, in December 2014 the average level of fixed interest rate for new lending was 4.11%. That compares with 3.54% in April 2023. In April, mortgage rates in Ireland were among the lowest in the eurozone. Recent Central Bank data indicate that a significant portion of new mortgages, or 89%, are now fixed rate mortgages. These fixed rates will protect borrowers in the event of a rise in official and market interest rates, at least for the period that the interest rate is fixed.

I also emphasise that all regulated entities are legally required to follow the statutory Central Bank codes of conduct. Failure to follow the codes can result in the Central Bank using its range of powers, including administrative sanctions, procedures or legal action where appropriate. A consumer has recourse to the Financial Service and Pension Ombudsman, FSPO. If a consumer is not satisfied with how a regulated firm is dealing with him or her in relation to the handling of his or her mortgage, he or she can make a complaint directly to the regulated firm. If the consumer is still not satisfied with the response from the regulated firm, he or she can refer the complaint to the FSPO, which is the independent statutory office provided for in law to adjudicate on complaints a consumer has with a regulated financial services provider.