A Clare auctioneer is encouraging first-time buyers to seek fixed interest mortgages in light of the latest rise in interests rates by the European Central Bank.
The ECB has increased its main lending rate for the ninth time in twelve months, this time raising it by a quarter of one percent which takes the rate to 4.25%.
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This brings the cost of borrowing in the 20 counties using the euro to a 23-year high and will have a significant impact on those with tracker mortgages as ECB interest rate increases are immediately passed on to them.
Diarmuid McMahon of Sherry Fitzgerald McMahon in Ennis says fixed interest products can give “certainty” to buyers.
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