How tracker mortgages turned from Jekyll to Hyde

For years, tracker mortgages were the envy of anyone who didn’t have one, but within 12 short months, things have changed, writes John Hearne

By switching to the best five-year fixed rate currently available, the average tracker mortgage holder can knock €1,103 off their yearly repayments.

Last week’s quarter per cent hike in  ECB rates brings the average tracker mortgage from 1.15% last June to 5.15% today. 

It means the cost of an average tracker has increased by €2,982 a year and €32,805 over the full mortgage term. That’s a 20% plus increase in repayments.