Sir, – I fully sympathise with those experiencing difficulties meeting their mortgage repayments (Front page, Business This Week, August 24th), with interest rates currently between 3 per cent and 5 per cent. It is interesting to reflect back to the 1980s.
In 1982 I deemed myself lucky to get a mortgage from my bank then with the interest rate at 17.25 per cent. The rate slowly dropped during the 1980s to 12.5 per cent, rising again in the early 1990s to 12.85 per cent.
And to those who might say it was well for him: I was working behind the counter in our small wine shop in Upper Rathmines, earning a normal wage with repayments taking a sizable portion. Food for thought! – Yours, etc,