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15/04/2010
Mortage Rate Rising
An Irish bank that holds around a tenth of the State's market is pushing up the cost of home ownership.
KBC Bank Ireland has become the latest bank to announce increases in mortgage interest rates.
The bank said it would increase its standard variable mortgage rate from 3.24% to 3.65% from 1 May, whilem for investors, the standard variable rate will increase from 4.29% to 4.5%.
The bank is also bringing in a discounted variable rate for new home buyers, which will be 3.1% for the first two years of the mortgage term.
KBC will raise some of its fixed rates from 19 April, but it says these will not apply to existing fixed rate customers for the rest of their current term.
KBC Home Loans Director John Delaney said the increases were due to continuing high costs for banks borrowing money on international markets.
KBC has about 10% of the mortgage market in Ireland.
(BMcC)
KBC Bank Ireland has become the latest bank to announce increases in mortgage interest rates.
The bank said it would increase its standard variable mortgage rate from 3.24% to 3.65% from 1 May, whilem for investors, the standard variable rate will increase from 4.29% to 4.5%.
The bank is also bringing in a discounted variable rate for new home buyers, which will be 3.1% for the first two years of the mortgage term.
KBC will raise some of its fixed rates from 19 April, but it says these will not apply to existing fixed rate customers for the rest of their current term.
KBC Home Loans Director John Delaney said the increases were due to continuing high costs for banks borrowing money on international markets.
KBC has about 10% of the mortgage market in Ireland.
(BMcC)
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