Interest rate increase 'will push households into debt'

A warning has been issued that predicted increases in mortgage interest rates will push many homebuyers into debt.

Permanent TBS has announced its third rate hike in a year, adding on average 1.5% in total to their variable rate.

Other lenders are now expected to follow suit.

“The more recent borrowers are feeling it as well,” said Karl Deeter, director of operations with Irish Mortgage Brokers. “I’m absolutely confident that it will push some households into debt.”