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Explainer: What does an interest rate rise mean for me? How NI homeowners, first-time buyers, businesses and consumers will be affected

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Around 86,000 Northern Ireland homes are estimated to be on tracker or variable-rate mortgages (Pic: Getty Images)

Around 86,000 Northern Ireland homes are estimated to be on tracker or variable-rate mortgages (Pic: Getty Images)

Getty Images

Around 86,000 Northern Ireland homes are estimated to be on tracker or variable-rate mortgages (Pic: Getty Images)

With interest rates rising for the sixth time in a row, now from 1.25% to 1.75%, the Belfast Telegraph breaks down what this means for you.

Existing homeowners

The majority of homeowners in Northern Ireland have fixed-rate mortgages, by which the amount they pay off every month is fixed to a particular interest rate, set by their lender.


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