BoI hike will push mortgage holders to brink

THE number of mortgage holders falling into arrears is set to increase further, says international credit rating agency, Fitch.

In a report, which coincided with confirmation by Bank of Ireland that it will hike mortgage interest rates by 0.5% next month, Fitch warned that arrears will become a growing problem.

The decision by Bank of Ireland, the country’s largest lender, will add an extra €60 a month to repayments on a €200,000 home loan.