Pricewatch: Variations in tracker mortgage payment increases following hikes in ECB interest rates left a reader puzzled
An Ulster Bank spokeswoman said variations in repayment between different rate changes can be an aspect of applying ECB rate changes to mortgage repayments. Photograph: Alan Betson
As many as 160,000 people will be wearily familiar with these letters with 10 of them issued to all tracker mortgage holders since July 2022.What will this year’s budget package mean for you?In September 2022 the European Central Bank hikes its rates by 0.75 per cent and Pat was told that his monthly mortgage payments would climb by €21.33 – or €7.11 per quarter of a point.
“I phoned Ulster Bank asking about the difference. He then got a letter saying the new amount he was being asked to pay was correct. “This does not answer the question I asked. I immediately phoned the bank again.”
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