The expected interest rate hike by the ECB will please all savers. For borrowers, on the other hand, this is bad news. The President of the Savings Banks Association of Westphalia-Lippe warns: “Many could lose their homes.”
One person’s joy is another’s sorrow. This is also the case with the expected interest rate hike by the ECB and thus by many national banks. Because what makes savers happy in the long run is not good news for many borrowers – for example when building a house or buying real estate.
Higher interest rates hit those who need a new loan or follow-up financing for a real estate loan in particular. The President of the Savings Banks Association of Westphalia-Lippe, Liane Buchholz, now warns via “Bild”: “Many could lose their house.”
Also because, due to the increased construction costs, many then lack the money for higher loan and repayment installments. “Even now, 42 percent of German households no longer have the ability to save,” says Bucholz. She expects that value to rise to 60 percent in the fall.
The ECB announced a change of course on Thursday. For the first time in eleven years, the central bank wants to raise interest rates again. The multi-billion dollar net bond purchases expire on July 1, and the European Central Bank (ECB) plans to raise key interest rates by 0.25 percentage points at the July 21 meeting.
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