Permanent TSB raises its mortgage rates by nearly 1% - Morning Ireland

Image audioPermanent TSB raises its mortgage rates by nearly 1% - Morning Ireland

Permanent TSB has increased all of its fixed mortgage rates by three-quarters of 1%. Daragh Cassidy, Head of Communications at appeared on Morning Ireland to discuss this latest increase and if other lenders are likely to follow suit. 

Listen back to the interview above or take a look at the main points below. 

Main points from the interview

  • This new increase will impact prospective first-time buyers the most, as they will be faced with higher rate options when going to draw down their mortgage
  • This three-quarters of 1% increase will add well over €100 to the average first-time buyer loan of €300,000. 
  • The European Central Bank (ECB) is expected to increase its interest rate from 3% to 4% over the next few months which is a huge increase from the 0% ECB rates sat at this time last year.
  • In Ireland, mortgage holders on fixed rates tend to take out shorter termed fixed rates, around 3 to 5 years. However, this leaves these mortgage holders vulnerable as they will face very high rates when their fixed rates end. 
  • Although variable rates are high to begin with in Ireland, they are expected to increase soon. 
  • Those on tracker mortgages have felt the brunt of the ECB’s interest rate increase, some people are paying nearly €400 more on their mortgage per month since the ECB’s rate started rising. 

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