What a difference a year makes. Very interesting article in the examiner recently quoting statistics from latest CSO figures.
According to the CSO, the typical cost of a €250,000 mortgage has increased by 25% in the last year. Karl Deeter of Irish Mortgage Brokers breaks that down usefully and for a 25 year mortgage you are looking at additional costs of €1,560 a year before claiming interest relief at source.
These increases are due to Irish mortgage lenders increasing what they charge for mortgages by 1% in that period. This is due to increases in their cost of lending rather than for any changes in the european central bank rates. Because of this, those on Tracker mortgages will not have felt the brunt of the increases, as their interest rate only increases in line with ECB rate increases.