Eurozone ups rates to 4.25%

The European Central Bank has decided to increase interest rates by a quarter of a percentage point to 4.25 percent, the highest level since 2001. It’s the first time in a year that the ECB has changed the interest rate, but for homeowners across the eurozone, it will also mean an increase in mortgage payments. Inflation worries are behind the banks decision, which hit an annualised rate of 4% this week, the highest since official records began in 1996. This is set against a backdrop of a slowdown in the eurozone economies. For homeowners, the move means an approximate extra €15 per month for every €100,000 borrowed on a 20 year... [read full story]