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Irish home owners likely to see jump in mortgage repayments from July

By Clare McCarthy

Irish home owners are likely to see their mortgage repayments jump by hundreds of euro as soon as this summer.

This comes as the European Central Bank signalled that they could increase interest rates for the first time in 10 years.

Many experts have predicted a 0.25% rise in interest rates which could come as soon as July 2022.

This means that some people could see their mortgage payments jump by up to €150 per month or more.

Speaking to the Irish Examiner, mortgage specialist Michael Dowling, of Dowling Financial, predicted that interest rates will rise by 0.25% at first but will amount to a 1.5% rise over the next two years.

Homeowners on a tracker mortgage of €250,000 over a 30-years could see their repayments increase by around €120 a month.

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This is based on a 1% increase in interest rates on a repayment of €804 a month, which would rise to €924 a month.

Homeowners on variable mortgage rates for a €250,000, who pay an average of 3.75%, could see their repayments increase by around €145 a month.

This is based on a 1% increase in interest rates on a repayment of €1,158 a month, which would rise to €1,304 a month.

However, another expert, Goodbody chief economist Dermot O’Leary, predicted an even worse scenario that interest rates could rise by 2.5% by 2024.

If this is the case, homeowners could see their mortgage repayments jump by up to €300 per month.

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Dive Deeper:
Low-cost lender Avant Money to raise mortgage rates as end of ECB easy money looms
The cheapest mortgage lender in the market is to raise its interest rates in a strong signal that borrowers face…
Martin Lewis issues mortgage warning to homeowners as interest rates reach new high
The Money Saving Expert tweeted after the Bank of England raised interest rates from 0.75 percent to one percent amid…
TSB, Barclays, Santander and Nationwide hike mortgages after base rate rise
The Bank of England raised the base rate from 0.75 to 1% on Thursday and 2 million borrowers will be…
Packed plane declares emergency after losing part of wing in 'severe turbulence'
One passenger on board described the landing as "surprisingly smooth" despite the malfunction
One subscription that gives you access to news from hundreds of sites
All you need to know about 1% base rate and how it will hit your pocket
From mortgages to savings, we look at what the latest Bank of England forecast means for you and your finances.…
What the Bank of England's rise in interest rates could mean for your mortgage
Interest rates are now at the highest level in 13 years
Get all your news in one place