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24/07/2009
'Worst Still To Come' As Mortgage Rate Increases
As speculation mounts that mortgage rates are about to go up across the board, a new survey has been published showing that the majority of Irish people believe the worst of the recession has yet to come.
The Eurobarometer survey said today that just 21% of respondents to the survey said they believed the economic crisis had already reached its peak.
In fact, things are so bad that almost one quarter of those questioned said they were not confident of having a job in two years' time.
The survey follows comments by the Governor of the Central Bank earlier this month when he warned that Ireland is "unlikely to experience an economic recovery until 2011 at the earliest".
John Hurley made his comments as he launched his final annual report as head of the bank on 14th July.
Today's announcement by the Irish Permanent TSB that it plans to increase mortgage interest rates for around 50,000 of its customers is therefore likely to be seen as a further set-back.
The bank said its standard variable rate will be going up by half a percentage point, adding almost €15 to the average monthly repayment - although the increase will not apply to people with tracker mortgages.
Permanent TSB says the move is necessary due to the high cost of funds, rising deposit rates and tight margins.
This is not being seen in isolation, as it is also thought that the other Irish banks will introduce similar increases.
(BMcC/JM)
The Eurobarometer survey said today that just 21% of respondents to the survey said they believed the economic crisis had already reached its peak.
In fact, things are so bad that almost one quarter of those questioned said they were not confident of having a job in two years' time.
The survey follows comments by the Governor of the Central Bank earlier this month when he warned that Ireland is "unlikely to experience an economic recovery until 2011 at the earliest".
John Hurley made his comments as he launched his final annual report as head of the bank on 14th July.
Today's announcement by the Irish Permanent TSB that it plans to increase mortgage interest rates for around 50,000 of its customers is therefore likely to be seen as a further set-back.
The bank said its standard variable rate will be going up by half a percentage point, adding almost €15 to the average monthly repayment - although the increase will not apply to people with tracker mortgages.
Permanent TSB says the move is necessary due to the high cost of funds, rising deposit rates and tight margins.
This is not being seen in isolation, as it is also thought that the other Irish banks will introduce similar increases.
(BMcC/JM)
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14 October 2011
'Stop Raising Mortgage Rates' Says Elderfield
Banks have been asked to stop raising standard variable rates on mortgages in a bid to relieve the problem of mortgage arrears.
'Stop Raising Mortgage Rates' Says Elderfield
Banks have been asked to stop raising standard variable rates on mortgages in a bid to relieve the problem of mortgage arrears.
08 November 2011
National Irish Bank Increase Mortgage Rate
The National Irish Bank is set to raise its mortgage interest rate by 1%. The variable mortgage interest rate will go up on Friday. The move is in opposition to last week's decision by the European Central Bank to reduce its key lending rate by 0.25%.
National Irish Bank Increase Mortgage Rate
The National Irish Bank is set to raise its mortgage interest rate by 1%. The variable mortgage interest rate will go up on Friday. The move is in opposition to last week's decision by the European Central Bank to reduce its key lending rate by 0.25%.
24 March 2015
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
FF Call On Central Bank To Directly Engage With Mortgage Providers
The Central Bank has been urged to engage directly with mortgage providers in an effort to secure a reduction in the standard variable rate. Making the call Fianna Fáil finance spokesperson Michael McGrath said that "it is clear that there is a wide and growing disparity with existing customers on SVRs very much at the bottom of the pile.
01 June 2015
BoI Slammed For Keeping Standard Variable Rate At 4.5%
The Bank of Ireland (BoI) is being slammed for keeping its standard variable rate at 4.5%. The bank reduced its fixed mortgage rate, however it is refusing to cut its "ridiculous" variable rate and is instead effectively trying to force existing customers to lock in to a two year fixed rate, according to Fianna Fail.
BoI Slammed For Keeping Standard Variable Rate At 4.5%
The Bank of Ireland (BoI) is being slammed for keeping its standard variable rate at 4.5%. The bank reduced its fixed mortgage rate, however it is refusing to cut its "ridiculous" variable rate and is instead effectively trying to force existing customers to lock in to a two year fixed rate, according to Fianna Fail.
05 October 2017
Customers Affected By Tracker Mortgage Scandal Rises To 3,500
The number of Ulster Bank customers affected by the tracker mortgage scandal has risen from 2,000 to 3,500. At a meeting of the Oireachtas Finance Committee this morning, 05 October, Ulster Bank executives confirmed that the number of people affected by the scandal had risen.
Customers Affected By Tracker Mortgage Scandal Rises To 3,500
The number of Ulster Bank customers affected by the tracker mortgage scandal has risen from 2,000 to 3,500. At a meeting of the Oireachtas Finance Committee this morning, 05 October, Ulster Bank executives confirmed that the number of people affected by the scandal had risen.
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