Finance Ireland to raise mortgage rates by up to 0.75%

From Thursday, Finance Ireland will hike the interest rate across all of its 3-year fixed mortgage products by 0.75%

In a statement given on Monday, the non-bank lender said that all borrowers who have received a loan offered by the effective date will have until the close of business to lock in their mortgage at current rates.

Ireland's largest non-bank lender, Finance Ireland is the latest loan provider to increase mortgage rates, announcing rises of up to 0.75% on mortgage products.

From Thursday, March 16th, Finance Ireland will hike the interest rate across all of its 3-year fixed mortgage products by 0.75%, with the rate on its five-year fixed mortgage products increasing by 0.5%.

In a statement given on Monday, the non-bank lender said that all borrowers who have received a loan offered by the effective date will have until the close of business to lock in their mortgage at current rates.

Finance Ireland also added that all customers are advised to contact the lender or their broker if they think they may qualify for a different product or a different rate on their mortgage.

This is the third time the home loan provider has announced rate hikes in the past six months. In February, the group said it would be raising its variable mortgage rates by 1% which would also come into effect on the 16th of March.

This followed rate hikes from last October, with Finance Ireland announcing it would be increasing its variable and fixed rates for mortgage products by between 1.5% and 2%.

The latest announcement comes ahead of another expected hike in ECB interest rates on Thursday, March 16th, which if implemented, would bring the main refinancing rate to 3.5%.

This would be the ECB's sixth rate hike since July 2022 which combined has raised the main refinancing rate by 300 basis points.