ECB signals interest rate hike in July

HOUSEOWNERS are facing a further rise in the cost of mortgage repayments next month.

The European Central Bank (ECB) is expected to hike interest rates for the second time this year in July. A 0.25% rise would mean an extra €45 per month in repayments for a homeowner on a €300,000 mortgage.

Director of the Irish Mortgage Corporation Frank Conway said as many as 624,000 mortgage holders in Ireland could be sensitive to rate increases as they would hold either tracker or standard variable loans.