Relief for Mortgage Holders as Mountmellick Credit Union announce No increase in mortgage interest rates

Relief for Mortgage Holders as Mountmellick Credit Union announce No increase in mortgage interest rates

Mountmellick Credit Union were quick off the block to reassure mortgage holders that there will be no rate increase to the Capped Variable Rate Mortgage following today’s decision by the ECB.

“We at Mountmellick Credit Union are very aware of the cost-of-living pressures on households and will not be raising our capped variable mortgage rate. Many householders will be facing Back to School and other costs in the months ahead and they will be relieved to know their mortgage repayments will remain unchanged,” said Andrew, CEO.

“We can do this because we are member-owned, member funded, and not focused on making profits but on offering our members long term value and support,” he said.

The mortgage offers Ireland’s first capped variable-rate. Set at 3.85% (APRC 3.92%), this rate also features an interest rate cap meaning the rate is guaranteed not to rise beyond 4.40% (APRC 4.5%) for the first three years, giving homeowners increased certainty and security in the management of their household budgets.