Homeowners with tracker mortgages will pay an average of €1,000 more a year after the European Central Bank (ECB) hiked interest rates by half a percent again today.
This means that an average mortgage of €300,000 for 25 years will see their bills rise by an extra €960, €80 a month, because of the hike.
The new ‘base’ rate will be 3.5%, which will be passed on to all tracker customers immediately, while variable rate customers can expect to see increases down the tracks.
