The European Central Bank has confirmed another rate rise coming next week for mortgage holders, which will leave thousands of people forking out an additional €200 each month.
The move will mainly affect tracker mortgage holders but it will also making the borrowing process even more unattainable for first-time buyers in Ireland.
This will mark the fifth ECB rate rise since July 2022, and will leave a typical tracker mortgage with around €150,000 left to pay forking out €2,400 in additional payments per year, according to Independent.ie.
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Coming into effect on February 2, the latest ECB rate rise is expected to be 0.5%.
According to reports, the Vulture funds that own around 100,000 mortgages in Ireland have been slamming customers directly with each ECB rate rise.
A lot of these homeowners are currently stuck on variable rates as it's understood vulture funds will not offer them fixed rates.
In most cases, they are also not able to change to a new provider because many of them have missed payments on their records.
It is understood that applicants who have received a credit approval and can draw down their mortgage before February 21, will be able to avail of the previous lower fixed rates.
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