Taoiseach says mortgage interest relief being considered as ECB raises rates by 0.25%

It comes on the back of six previous rate increases which have seen the annual repayments for tens of thousands of tracker mortgage holders – the cohort most immediately impacted by ECB’s hikes – climb by thousands of euro.Making the announcement, the board of the ECB said the inflation outlook “continues to be too high for too long”.

He said that “any decision on reintroducing mortgage interest relief would have to be considered as part of the budget in October. So it is something we will consider.” The ECB increase of 0.25 per cent adds around €13 on to the monthly repayments for every €100,000 borrowed so will see the annual cost of a €300,000 mortgage, climb by roughly €600.Just under a year ago, tracker mortgage holders were paying rates of between 0.5 and 1.5 per cent while variable rate loans ranged from 2.25 to 4.75 per cent.

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