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Dublin: 1 °C Tuesday 28 January, 2020

Can't keep up with your mortgage rate? Try this new calculator

National Consumers Agency gives confused homeowners a hand to figure out how rate changes impact their payments.

Image: Anssi Koskinen via Flickr

THE INTEREST RATE Irish homeowners are paying on their mortgage has proven to be a moveable feast in recent months.

Just today it was reported that Irish families are increasingly seeking help and advice over financial worries from groups such as the Money Advice and Budgeting Service (MABS).

In the last two months, the EBS, Ulster Banks, PTSB and other financial institutes have made upward changes to their mortgage interest rates.

With this confusion and concern in mind, the National Consumer Agency has launched a new mortgage rate change calculator to help householders to figure out where they can make savings by moving mortgages. The NCA says it can also be used to show the difference that paying a lump sum off a mortgage will have on the repayments and long-term cost.

Ann Fitzgerald, CEO of the NCA, said:

For most of us, our mortgage is the most expensive loan we ever sign up to . So it is important to spend some time working out the impact of any changes.

Click here to use the mortgage rate change calculator>

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