What another interest rate hike this week will add to your mortgage repayments

All tracker mortgage holders will see their rates rise within one month which will bring the average tracker mortgage rate to 5.65% if a 0.25% hike is implemented this week

From July last year to this month, monthly tracker mortgage repayments have increased by €280 per month or €3,360 over the year.

Since July last year, the ECB has aggressively increased its lending rates taking the base rate from 0% to 4.25% this summer. The next meeting of the ECB Council is on Thursday with opinion divided as to whether the ECB will continue to raise rates. There are growing views in the EU that rates should not rise. 

Personal and business customers hope the summer break for central bankers will let them see that the impact of the rise of 4.25% in a year is having in real terms.