On Thursday the European Central Bank increased interest rates by a half percentage point, meaning that the thousands of tracker mortgage holders in Ireland will see their payments rise automatically by exactly that half percentage point.
Trackers are set at a fixed margin above the European Central Bank (ECB) rate. So, you could have an ECB+1% rate, for example.
Mortgage holders on fixed rates will not see a change, while those on variable rates will see an increase but the amount will not necessarily be the exact half percentage point.
