Mortgage calculator to help consumers

THE National Consumers Agency has launched a mortgage rate change calculator to help those considering changing their mortgage to a new rate or term, or making a lump sum payment.

In light of the European Central Bank’s recent interest rates increase, the agency believes the calculator will help consumers to work out the changes to their monthly mortgage repayments and the overall cost of credit.

Those using the facility will be able to see what will happen to their payments if interest rates change and also what difference paying a lump sum off a mortgage will have on the repayments and long term cost.