Daft Property - Irish Property News

WELCOME TO THE HOUSE OF PAIN: The ECB headquarters in Frankfurt... What will the ECB rate rises mean to your mortgage? THE Independent Mortgage Advisers Federation (IMAF) has done the sums to show how much more you will pay for your mortgage if the ECB rate rises. The figures assume that the ECB rate increases by 0.5 per cent to 1.5 per cent by the end of this year -- and by another 1 per cent to 2.5 per cent next year. The figures also assume that lenders pass on the full extent of the ECB rate rises to standard variable customers. (ECB rate rises are automatically passed on to tracker customers.) €200,000 MORTGAGE €2,200 a year more If you've a 25-year standard variable mortgage of €200,000 with Permanent TSB, your mortgage repayments work out at €1,191 a month. If the ECB rate increases by 0.5 per cent, your monthly repayments will increase to €1,251 -- another €60 more a month, according to Michael Dowling of IMAF. If the ECB rate hits 2.5 per cent by the end of 2...