2023 Will Bring Further Rates Pain For Mortgage Holders

Rates are being increased to tackle record inflation figures which peaked in the eurozone at 10.6 per cent in October of last year.

There's more interest rate pain coming down the tracks for those with tracker and variable mortgages according to North Midlands Credit Union.

The European Central Bank announced a 0.5 per cent increase in July of last year, and a further three quarters of a per cent in September.

Rates are being increased to tackle record inflation figures which peaked in the eurozone at 10.6 per cent in October of last year.

Manager at North Midlands Credit Union, Tom Allen says there's more hikes to come in the first half of 2023:

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