Did you buy your home in the boom? Your mortgage could be about to increase by €200

A 2% rise in eurozone rates has the potential to increase mortgage repayments by approximately €200 a month, Charlie Weston of the Irish Independent reports.

If the European Central Bank (ECB) interest rate reaches 2%, it could place huge financial pressure on many families up and down the country.

The Central Bank study found that a typical boom-time tracker borrower in their 30s would see their monthly mortgage payment rise substantially, from €760 a month to €932.

For borrowers in their 40s with a tracker mortgage, monthly repayments would jump to almost €900 – a rise of €120.

The research also found that higher mortgage repayments would have a knock-on effect on the Irish economy by decreasing the spending of affected families and households.

European Central Bank rates could start rising in the first quarter of 2018.

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