Fixed rate mortgage households face €3,540 hike in annual repayments

European Central Bank head Christine Lagarde has set the scene for a further rate hike

The 171,000 people on tracker mortgages face more immediate pain in July because their rates are directly linked to changes in the changes to ECB official rates. 

European Central Bank (ECB) head Christine Lagarde has set the scene for a further rate hike that will mean Irish households refinancing their fixed rate mortgages will face an annual increase of €3,540 in their mortgage payments. 

Speaking at the annual ECB gathering in Sintra in Portugal, Ms Lagrade all but pledged the ECB will raise rates in July — 12 months after it set out on its campaign to fight soaring prices across the eurozone — and suggested that more rate increases were to come.