Permanent TSB raise interest rates by 0.5% 

Customers with mortgage approval have until October 31 to drawdown to avail of previous rates.

Permanent TSB has raised interest rates on new fixed-rate mortgages by 0.5% following further hikes announced by the European Central Bank (ECB).

The new rates will come into effect on Monday, July 31. There is no change for home loan customers on existing fixed rates.

The lowest rate Permanent TSB now offers on a standard mortgage is 4.75% for two- and three-year fixed rates. For higher value mortgages, which are over €250,000, the lowest rate is a three-year fixed at 4.55%.

Customers who have mortgage approval have until October 27 to complete the drawdown of their loan or the new rate will be applied.

This is the fourth time the bank has increased mortgage rates since the ECB started raising rates last year. The last increase came in March when rates went up 0.75%.

Earlier this week, Bank of Ireland announced its own increase to fixed-rate mortgages, which came into effect immediately, pre-empting the announcement by the ECB.

The bank added 0.25% to the fixed-rate mortgages available to new and existing customers.

This includes customers who are coming to the end of their fixed-rate period and are seeking to re-fix their mortgage, as well as tracker-rate or variable-rate customers who wish to move to a fixed rate.