Mortgage rates to increase

According to a report in today’s Irish Independent several mortgage lenders intend to raise their variable mortgage rates in the coming weeks. This comes hot on the heels of EBS announcing an increase in their variable rate by 0.6% last week.
AIB, Bank of Ireland, Permanent TSB and Irish Nationwide are expected to raise their rates by around 0.5pc, with indications yesterday that most of the increases will be introduced by the end of August.


www.moneybackmortgages.ie

Not unexpected, but still its going to be tough on those already struggling. When ECB base rates go back up to 4% we will be looking at standard variable rates of 6-7% which is going to see mortgage arrears increase a lot more.

I have my first BOI repayment mortgage interest certificate from March1993 - 1994, it shows a lending rate of 11.95%. The following year it had dropped to 7.95%.

Hopefully we won’t ever see those days again.

I am doing up a summary of all the increases in SVRs over the last year or so.

Does this seem correct?

AIB

End 2009 = 2.25.

Just one increase so far, April 2010, add 0.50 = 2.75%

BoI

End 2009 = 2.60%

Also just one increase so far, April 2010, add 0.50 = 3.10

EBS

End 2009 = 2.63%.

Two increases during 2010: May +0.60 = 3.23, Aug +0.60 = 3.83%

INBS


permanent TSB

They seem to be the first to move, with a 0.50 increase in July 2009 to 3.19.

Then Feb 2010 +0.50 = 3.69 and Aug 2010 +0.50 = 4.19.

Do banks now have to give notice when they are going to increase mortgage interest rates, as in the case of the recent PTSB rate increases? They annouced on July 23rd, however the increase will not come into effect until August 3rd. Will other banks be doing the same?

PTSB 4.15% svr, 5.2% 2years fixed, 5.75% 5years fixed..

Negative equity,so cant move banks...

PTSB are offering terrible rates to existing customers...

Im dreading when the ecb start raising rates. There will be a lot of people at risk of losing there homes.