First-time home buyers are forking out almost €2000 more a year compared to their European counterparts.
Recent figures from the Banking and Payments Federation Ireland show that the average first-time buyer mortgage in Ireland is around €225,000.
This means a first-time buyer in Ireland who takes out a mortgage of this size over 30 years is paying on average over €173 more each month or almost €2,100 a year.
Latest figures from the Central Bank show that there has been a slight increase in the average interest rate charged on new mortgages issued in August despite falling rates elsewhere in the Eurozone.
Daragh Cassidy, Head of Communications at consumer website bonkers.ie, said: “For all the talk of falling interest rates and a mortgage price war in recent months, the average rate in Ireland is down only two basis points since the beginning of the year.
“This compares to a fall of over 30 basis points in the Eurozone.
“There is still a lack of competition in the Irish mortgage market as it remains heavily concentrated in the hands of a few main banks.
“You can’t help but feel Irish consumers are being shafted.
“As well as having to contend with some of the highest mortgage rates in the Eurozone, we’re also being hit with some of the lowest saving rates."
