Households are bracing for another bruising cost of living blow that could add hundreds of euro a month to their bills, depending on the size of your mortgage.
Last week ECB President Christine Lagarde said a 50 basis points rate hike, which is equal to half of a percent, "is very, very likely."A homeowner with a fairly standard €300,000 mortgage over 25 years would have to pay almost €80 more a month from today with the new rate, or close to €1,000 extra a year.
Financial experts are urging all mortgage customers to review their contracts and think about switching in light of the latest interest rate hikes news. Trevor Grant, chairman of the Association of Irish Mortgage Advisors said people are switching more.
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