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Fri 07 Jul 2008ECB increase puts interest rates at highest in seven years
MORTGAGE HOLDERS face an increase in their monthly payments after the European Central Bank (ECB) raised lending rates yesterday by one quarter of a point to 4.25 per cent. The rise, the first since June 2007, brought rates to their highest level in seven years.
The rise is likely to be passed on to mortgage holders over the next month. The increase would add around €40 to a typical €250,000 mortgage being repaid over a term of 30 years.
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