Irish homeowners face mortgage hikes as banks raise rates again following fresh ECB increase

AIB and Bank of Ireland have both confirmed they will increase mortgage interest rates after the ECB raised rates by half a percentage point to 3%

Christine Lagarde, president of the European Central Bank, said the regulator would ‘stay the course in raising interest rates significantly at a steady pace’. Picture: Getty

Tens of thousands of homeowners will face higher costs on their mortgage repayments as Irish lenders confirmed they would hike interest rates following a rate-hike from the European Central Bank (ECB) today.

The European Central Bank (ECB) implemented a fifth successive rate hike this afternoon, increasing its main lending rate by half a percentage point to 3 per cent as part of its ongoing bid to battle inflation.

The regulator also confirmed it intends to ...