Three more rate hikes on the horizon

HOMEOWNERS could be hit with further interest rate hikes later this year, followed by two more next year.

The European Central Bank (ECB) hiked interest rates by 0.25% to 1.5% yesterday — increasing monthly repayments by around €15 for every €100,000 borrowed.

Those on tracker rate mortgages will see their repayments increase immediately, while those on standard variable rate loans could also see rates rise.