Interest-only mortgage holders face huge increases

Homeowners who took out interest-only home loans are facing massive increases in their mortgage repayments because of interest rate rises and the need to begin paying back some of the principal.

Gillian Nelis

Managing Editor @gnelis
5th July, 2008

Homeowners who took out interest-only home loans are facing massive increases in their mortgage repayments because of interest rate rises and the need to begin paying back some of the principal.

According to figures prepared for The Sunday Business Post by the Irish Mortgage Corporation (IMC), some people at the top end of the market could be facing increases of as much as €8,000 per month if they switch to a capital and interest loan.

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