The Irish mortgage lenders are taking turns increasing their mortgage rates, although there has still been no change to the ECB rate. The most significant change this time, effective 1st September 2010, is the increase of the standard variable rate from 3.65% to 3.85%. Lenders are justifying the increases by saying that they are having to pay more to borrow funds. Ireland’s recent credit rating reductions cannot be helping this situation.
Standard variable 3.85% (APR 3.92%)
2 year fixed 3.45% (APR 3.83%)
3 year fixed 3.75% (APR 3.89%)
5 year fixed 4.50% (APR 4.24%)
Interestingly, KBC continues to offer €1,000 contribution towards legal fees for people who switch a home mortgage to KBC. If you want help assessing if such a switch is worthwhile in your own circumstances, feel free to contact us at firstname.lastname@example.org or email@example.com for short!