ECB increases rates by 0.75% as expected (Oct 2022)

Yes, 2% is cheap.

But if you have been used to 0% ECB rate on a tracker mortgage, and your lifestyle has been built around that for several years, then a move to 2% is a large, relative increase.
 
Yeah easy to get used to those low rates!
I took out my mortgage in 2007 and at the ECB rate peak back in 2008 my mortgage was ~€1350/mth.
In recent years at the has been at €709/mth so I've fixed at €853/mth for the next 5 years. Still miles away from what I was paying 14 years ago!
 
The average tracker margin is 1% over the ECB refi rate - so that's now 3% in total.

Bank of Ireland currently offer a high value, green mortgage with a fixed rate for four years of 1.9%. That's 36% cheaper than the average tracker rate.

Interesting times...
 
I see the euro has risen back up to parity with the US dollar and european stock markets are up so the financial markets like this rate rise. The consensus seems to be that the ECB kept interest rates too low for too long and were too slow in raising interest rates. At the moment nothing else matters except for inflation
 
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