“HOW are we? How, duh! No wonder our mortgage was going up every other month,” laughed Davy Ronan to his wife Joan after he finally realized what kind of mortgage they had, “and here we thought we were going to pay the same old money every month for the next 35 years old – we are eejits lol”.
The Ronan family are one of tens of thousands of ‘homeowners’ affected by the seventh such increase since last year as the European Central Bank (ECB) raised its lending rates to fight inflation, forfeiting profits .
“Now I get it, variable means it varies all the time and could essentially drive us out of the house if we can’t afford it ha-ha,” Ronan added, rolling his eyes comically and slapping his forehead jokingly to indicate his own stupidity for signing up for a financial commitment so wild that he just skimmed, “and here’s me believing the mortgage guy at the bank when he said ‘interest rates tend to be stable.’ Angry when you realize it. Of course, he lives and learns ”.
The ECB’s latest move is expected to cost those using trackers and variable rates thousands of euros more in repayments and increase the cost of the new fixed rates for new home « buyers ».
“I don’t mind being duped as long as the banks get their money back with these rising interest rates. I wouldn’t want them to run out of money for all of this, they have to eat too,” Ronan continued, now putting the car and any remaining consumables in his shed on Done Deal.