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Dublin Live
Dublin Live
National
Amy Donohoe

Thousands of Irish homeowners hit with hefty bill as mortgage rate set to increase

ECB Dublin Ireland

Anyone with a tracker mortgage could face a hefty 0.5 percent interest rate which will lead to increases in repayments.

The increase is set to hit the pockets of approximately 300,000 Irish mortgage holders who are currently on tracker rates. For example, those with a €250,000 mortgage - which is the average mortgage in Ireland - will have to pay an extra €696 per annum.

Martina Hennessy, Managing Director of digital mortgage platform doddl.ie said: “The ECB has chosen to accelerate interest rate increases with the announcement of a bigger hike than expected. This increase of 0.5 per cent is not good news for tracker mortgage holders who will have one month before seeing an increase of €23 per month for every €100,000 owed over a 25 year term.

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