Brokers want eight-week period for house hunters to draw down mortgages

Warning that tight deadlines before rates go up will jeopardise mortgage approval and house sales.
Brokers want eight-week period for house hunters to draw down mortgages

Following interest rate rises by the ECB Ireland's lenders are expected to announce a series of mortgage rate increases.

Mortgage lenders are being asked to give potential homeowners up to eight weeks' notice to allow them draw down their mortgage before rate increases come into effect.

The European Central Bank (ECB) has raised rates twice already by 0.5% in July and 0.75% in September with a third increase to be announced later this month. So far Ireland's largest mortgage lenders, Bank of Ireland, AIB and Permanent TSB have yet to increase their rates but are expected to do so in the coming weeks and months. Smaller lenders have already announced new higher fixed and variable rates.

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