Mortgage Increases April 2011

After last week’s ECB rate rise – many borrowers will soon start to see their repayments rise for the first time since July 2008 .
ECB rates dropped from 4.25% in July 2008 down to a low of 1% in May 2009 .  The latest rise will bring the ECB rate up to 1.25%.

See ECB Rate History here

In Ireland there are about around 200,000 tracker mortgages that will now be increased  –  after staying the same since May 2009. Some Variable rate mortgages may also be increased.

A 0.25% rate rise works out at an increase of about   €15  a month for every €100,000 borrowed. So – a  tracker  mortgage of €300,000 will see repayments go up by  €45 .

Bank of Ireland and ICS  have  increased their standard variable rates  from April 15.  They increased tracker rates  from Wednesday April 13.

PTSB will increase its tracker mortgage rates by 0.25% from April 16 and  will increase  variable rates from May 18.  (Fixed rates were raised recently anyway)

National Irish Bank has said it will not be increasing its variable mortgage rate from the current 3.4% following the ECB announcement.

See our lists of the lowest mortgage rates.