Homeowners are scrambling to switch to the cheapest mortgage on the market following the European Central Bank’s announcement to increase interest rates by 0.5%.Joey Sheahan, Head of Credit at online broker MyMortgages.ie, and Author of the Mortgage Coach, tells RSVP Live this announcement is going to push thousands to fix their rate now.“All eyes will now be on the lenders to see how they react to the ECB’s announcement.
Joey urges homeowners on variable rates to make the switch now to a fixed mortgage, in order to stem the blow from future increases. “Fixed rates are dominating the mortgage market and it’s easy to see why – by choosing a long-term fixed rate, a borrower can fix at a rate of 2.5% for 25 years, so they never have to worry about rate increases for the full duration of their mortgage. This is based on a loan to value of under 60%.
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