Mortgage rates 'set to increase'

There is bad news for thousands of homeowners across the country today.

Mortgage rates 'set to increase'

There is bad news for thousands of homeowners across the country today.

According to reports, Permanent TSB is planning to increase its variable rate.

The hike of ½%, which will be annnounced later this month, will bring its variable rate to 4%.

This is likely to lead to other institutions following suit, according to Karl Deeiter, operations manager with Irish Mortgage Brokers.

"In the past it has tended that one institutional move, and then all of the others follow within a short amount of time," he said.

"I’m not saying that we’ll see everyone else move by the end of January, but certainly by the end of the first quarter of the year I would be surprised if all of the other banks haven’t increased their rates in line with the move Permanent TSB will make."

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