ECB rise puts more pressure on homeowners

The European Central Bank (ECB) rate hit 3.25 per cent last week for the first time in five years.

7th October, 2006

As expected, ECB president Jean-Claude Trichet increased the interest rate that determines how much interest borrowers pay on their mortgage by 0.25 percentage points.

The increase - the fifth in 11 months - will mean that homeowners with a 30-year tracker mortgage of €300,000 will pay €44 more for their mortgage this month than they did in September.

The same borrowers are now paying €212more a month for their mortgage than they did last November, before the...

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