Markets are expecting the ECB's main refinancing rate, which affects mortgages, to rise to 4 per cent over the summer from 3 per cent currently.Finance Ireland has become the latest home loan provider to increase the interest rate on its fixed mortgage products in response to rising European Central Bank policy rates.
From Thursday, March 16th, the nonbank lender will hike the interest rate across all of its 3-year fixed mortgage products by 0.75 per cent while the rate on its five-year fixed mortgage products will increase by 0.5 per cent, it said on Monday. The company, which has a 5 per cent share of the mortgage market here, said that all borrowers who have received a loan offer by the effective date will have until close of business to lock in their mortgage at current rates.
Finance Ireland said that customers are advised to contact the lender or their broker if they think they may qualify for a different product or a different rate on their mortgage.
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