Mortgage interest rates could soar towards 4% this year as Irish banks start passing on costs to customers. This comes on the back of the European Central Bank’s introduction of its rate-raising cycle last June and is likely to affect hundreds of thousands of borrowers.
Five successive hikes have added up to €400 a month to a €330,000 mortgage with a further rise next month expected to add €88 more. Meanwhile, here at home, in the latest interest hike, AIB and it’s affiliate Haven, have increased rates by 0.5% and will come into effect on the 2nd of March
Harry Dwyer from Money Care in Monaghan town spoke to the Wider View this week about which type of mortgage holders are the most impacted and advised local tracker mortgage holders to "hold out" for the time being.
