Banking

Tracker mortgage holders feeling the pinch as rates rise

A series of interest rates hikes in the last year mean tracker mortgage holders are paying up to €500 more a month than they were 12 months ago, says Daragh Cassidy of bonkers.ie

“People who took out trackers would obviously have been a lot further into their [loan] term, because trackers have not been sold in around 15 years”

Irish homeowners with tracker mortgages are definitely feeling the impact of rising interest rates, according to Daragh Cassidy of bonkers.ie.

These customers are now paying rates of around 5.25 to 5.5 per cent compared to around 1 per cent a year ago, which has potentially added €400 to €500 a month to repayments on a €200,000 mortgage, he said.

“People who took out trackers would obviously have been a lot further into their [loan] term, ...