Mortgage time bomb: Warning to homeowners on fixed rates as massive ECB rise looms

Homeowners urged to break out of contracts with banks as severe repayment hikes likely to be on the way

Moves by the European Central Bank (ECB) to implement a jumbo interest rate rise this week have led to warnings that some homeowners on fixed rates need to break out of them.

Mortgage holders on either variable or fixed rates with less than two years to run need to act now – otherwise they will be hit by huge repayment hikes, research for the latest Irish Independent Mortgage Switching Index has found.

A family who wait until their current fixed rate runs out in two years could end up paying €1,500 more a year to lock in for a new five-year rate…


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