herald

Thursday 20 September 2018

Editorial: Mortgage pain has to be stopped

Is there no end to the pain for house owners? First the lenders move to stop all fixed-rate mortgages altogether or introduce punitive interest rates for this product.

Now the European Central Bank is to hit those with variable and tracker mortgages with up to six new rises in interest rates between now and the end of next year.

Economists are warning that the ECB rises could shove mortgage interest rates up by a further 1.5pc adding €150 a month for every €100,000 borrowed.

The news will heap even more misery on hard-pressed consumers who are fighting to keep out of debt.

For some, this will be the final straw which leads to their homes being repossessed.

The incoming government will have to take account of this latest financial squeeze on taxpayers and not heap further burdens on home owners.

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