All eyes on ECB as homeowners face mortgage costs increase

HOMEOWNERS could be hit with increased mortgage costs today when the European Central Bank (ECB) announces if there will be any changes to interest rates.

It is widely expected that the ECB will increase rates by 0.25%, which will mean a €45 increase in mortgage repayments on a €300,000 mortgage. This will affect tracker and standard variable mortgage holders.

If the ECB hikes rates it will be the first increase since July 2008.