Ulster Bank joins rush to increase mortgage rates

ULSTER Bank has become the latest lender to hike interest rates yesterday, announcing a 0.5% increase, which will add around €60 a month to a €200,000 mortgage.

The move followed that of Permanent TSB, which announced a 1% hike yesterday but said they will not raise interest rates again this year outside of any move by the European Central Bank.

The 1% Permanent TSB hike adds €120 extra a month to a €200,000 mortgage. On a €300,000 mortgage, the increase will mean an additional €185 a month or €2,217 annually.