EBS to raise interest rates on mortgages by up to 0.75%
From tomorrow, EBS will hike rates across its one and two-year mortgage products from 3.9% to 4.15% and 4.45% respectively.
EBS is the latest home loan provider to hike interest rates after announcing increases of up to 0.75% across its fixed-rate mortgages.
From Wednesday, March 15th, the new rates will come into effect, while customers who draw down their new mortgage by close of business on the 14th of April can avail of the previous fixed rates.
In a statement given on Tuesday, EBS cited "a rising interest rate environment" in their decision to hike mortgage rates, with the group also announcing increased savings rates across a range of variable deposit products.
From tomorrow, EBS will hike rates across its one and two-year mortgage products from 3.9% to 4.15% and 4.45% respectively.
Interest on three and five-year mortgage rates will be raised from 3.75% to 4.5%, with the home loan provider's Green 4-year fixed rate rising from 3.1% to 3.75%.
Buy-to-let rates will also be impacted, with interest rates for EBS's three-year mortgage products up from 6.4% to 7.15%, with five-year mortgage rates increasing from 6.8% to 7.55%.
As part of further changes to EBS's saving rates, a family savings account will offer a return of 1%, up from 0.1% up to €1,000 per month for 12 months.
A children’s savings account will also offer a 1% return up to €5,000 and 0.1% for amounts greater than €5,000. Additionally, an EBS instant access account will also offer 0.1%.
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.
EBS's decision follow that of Finance Ireland who yesterday announced rate hikes across various mortgage products by up to 0.75%.
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