Mortgage Rates Rising

Several Irish mortgage  lenders have announced mortgage rate rises in recent days  – PTSB will be increasing their standard variable rate from 4.19% to  5.19% in March 2011.
PTSB has already increased its fixed interest rates for existing mortgage holders, coming off fixed rates.  The 2-year rate rises from 5.25% to 7.25%  ,  the 5-year goes from 5.75% to 8.75%, while the 7- and 10-year rates both rise from 6.1% to 9.1%.

Ulster Bank has already raised its standard variable mortgage rate by half a percentage point to 4.35% . (Feb 7th)
EBS – also jumped on the rate rise bandwagon and wll be increasing  the standard variable rate by 0.60%  from 3.83% to 4.43%  from 1 April, 2011.
KBC will be raising some fixed rate mortgages too.

The choice of mortgage lenders in Ireland has also been reduced with the news that Irish Nationwide  Building Society stopped issuing new mortgages last week after procedures were put in place to begin the merger with Anglo Irish Bank.

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See our list of the Best Mortgage Rates here – the list will be updated when new rates come into affect.

The ECB rate remains at 1% – so borrowers on tracker mortgages are currrently protected from the above mentioned rate rises. ECB rates may start to go up in 2011 .