The ECB increased lending rates for the 8th time this week.
This latest move will take the average tracker mortgage rate from just 1.15% in June last year to 5.15%.
This means the cost of an average tracker has now increased by €2,982 per year and €32,805 over the full mortgage term.
Most economists now predict a further 0.5% hike before the end of the summer.
Over 300,000 households on tracker, variable and short term fixed rates now face rates of over 5% in the next 12 months.
However, by switching to the best rate on the market the average tracker mortgage holder can still knock over €1,000 a year off their repayments
If you’re a tracker, variable or have less than 2 years on your fixed rate you need to talk to a mortgage broker to see if you should fix with your current bank or switch to get the best rate before it’s too late ”
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15 июн 2023
