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Commenting on the recent ECB decision to keep interest rates unchanged, Brokers Ireland said even when the move to reduce the rate begins there is still a 'rocky road' ahead for many mortgage holders.

Responding to the recent Central Bank Retail Interest Rates publication for August showing Ireland with a weighted average interest rate on new mortgages of 4.10%, up 146 basis points in a year, and close to the euro area average which is 0.15% lower, Brokers Ireland said those taking out mortgages need to consider their options very carefully.

To assist consumers who have a pre-existing illness and are attempting to obtain life cover for mortgages, Brokers Ireland has today launched a register of 170 brokers who are available to help those experiencing difficulties.

Responding to the most recent Central Bank Retail Interest Rates publication for April, showing Ireland at a weighted average interest rate of 3.63 percent in April, 0.6 percent ahead of the euro area average, Brokers Ireland said the Irish market is now in worrying territory for both aspiring and existing borrowers.

Responding to the recent Central Bank Retail Interest Rates publication for January, Brokers Ireland said while the weighted average interest rate on new Irish mortgages is almost a quarter percentage point (0.23 percent) lower than the euro area average as a whole it is showing increased upward momentum, having risen 24 basis points in one month, from 12 the previous month.

Whether building, buying or trading up Athlone Credit Union has the mortgage to suit your needs.

Responding to the ECB interest rate increase of 0.75 percent, Brokers Ireland said even though predicted by some commentators the fact that it is on the higher side is very disquieting for consumers with the real worry now being the unknown one of how long such increases will go on for and what level they will reach.

Responding to the Central Bank Retail Interest Rates for June, Brokers Ireland has stated: "While there is a very welcome and further narrowing of the gap between Ireland and the euro area average interest rate, with Irish mortgage holders now paying less than 1pc (0.78pc) over and above the euro area average - it is of no practical effect to borrowers who should concentrate on getting the best mortgage rate available in the Irish market; and who should do so in the very short window left before the ECB raises its rate further as it has already indicated."

Responding to the ECB interest rate increase of 0.5 percent, Brokers Ireland said it “marks the beginning of a new era and predicting where the rate will end up with any degree of accuracy is like fortune telling.”

Responding to the most recent Central Bank Retail Interest Rates for April 2022, Brokers Ireland said mortgage holders who have not reviewed their mortgage rate need to act fast to get the best value available in the market.