Mortgage interest rates in Ireland are rising once again
Dublin: After the European Central Bank (ECB) rate hike that hit hundreds of thousands of borrowers last July, AIB has announced rate hikes across all mortgage categories. To encourage investors, the bank is also raising deposit rates.
The move by Ireland’s leading bank comes as the ECB announced its latest 0.5% rate hike, bringing the total rate hike since last summer to 3%. According to market sources, Bank of Ireland and Permanent ESB will follow suit in the coming weeks.
AIB announced a 0.5% rate increase across all tracker and fixed mortgage products. The new rate came into effect last week.
A five-year fixed-rate mortgage can now have an annual interest rate of up to 4.3%. Meanwhile, variable rates will rise to 0.35% beginning March 14, making a variable rate with an 80 percent loan-to-value ratio have a rate of 3.5%.
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