Interest rates set to rise further

HOMEOWNERS can expect further interest rate increases by the end of the year as KBC becomes the latest bank to announce a hike.

Mortgage costs for those on standard variable loans could jump by €250 a month if banks hike rates by a total of 1.5%.

Experts say consumers are facing tough times, with banks expected to announce more rate hikes before the European Central Bank (ECB) moves on rates. The ECB is expected to increase rates at the end of this year or early next year.