EBS to increase mortgage rate

EBS Building Society is set to increase its standard variable mortgage rate by a quarter of a percentage point from the start of August, blaming the high cost of borrowing funds.

The rate will rise from 4.43% to 4.68% (APR 4.8%). The building society said the average loan for its standard variable mortgage customers was just over €90,000, which would see an extra €12 a month in repayments after the increase.

EBS had already raised its variable rate by 0.6 points in February.