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With reference to the page one story in the Irish Examiner, Saturday, April 9, 2016, we wrote to our bank inquiring about a mortgage interest rate change as we saw the article saying a new lender is expected on the Irish market offering mortgage interest rates of 2.75%.
We are currently paying 4% interest. This figure is down from a high of 5.65% interest we paid in 2011. Our bank increased the interest rate charged to us several times a year in the past.
For example: In April 2009 it was 3.1% In Dec 2009 it went up to 3.15% And then it jumped to 3.65% in February 2010. There was a further increase in August of that year to 4.14%. And in 2011 we paid three interest hikes from 5.15% to 5.4% and up to 5.65% in August 2011.
However, our bank has just replied to us saying they regret they aren’t in a position to review our mortgage interest rate.
They had no problem review it upwards several times a year.
We look forward to the arrival of a new lender to the Irish market which we understand may offer a standard variable rate of 2.75% at a loan-to-value of 80% of the property.
Carol O’Ó Dubhsláine
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