Three banks plan to raise mortgage rates.

Three banks raise mortgage rates

Saturday, 26 April 2008 by RTE.ie

Three mortgage lenders have announced that they are independently raising their
mortgage interest rates. Ulster Bank, First Active and Permanent TSB have increased their standard variable rates by between 0.2% and 0.25%.
This increase will add an extra €40 a month to a mortgage of 250,000 over a 30 year term.
A spokesman for Permanent TSB, which is the largest mortgage provider in Ireland, said the change reflected the higher cost of money in international markets.
He said they had tried to avoid passing this increase on to customers until now, but had to do so at this time.
The Independent Mortgage Advisers Federation says consumers should now contact their bank to check what kind of mortgage they have.
The organisation is also raising concerns that other mortgage providers may also look at increasing their rates.

For those who are with Ulster Bank, First Active and Permament TSB (variable rate) it's not very good news. It means you have to reconsider you budget, save or ....

What is your rate at the moment? As it was suggested try to move to fixed rate or tracker rate. It might save you few bobs.