NON-bank lender Finance Ireland has become the first lender to react to this month’s European Central Bank rate rise.
It is pushing up its variable rate for existing borrowers and new customers by 0.25 percentage points.
This will take its variable rates for residential borrowers to between 6pc and 6.4pc, depending on the loan to value.
This means its variable, and that of ICS Mortgages, will be the highest mortgage rates in the State outside of the vulture funds.
In March Finance Ireland increased its variable rate by 1pc.
Finance Ireland said: “Following last week’s increase in interest rates by 0.25 percentage points by the ECB, Finance Ireland has announced an increase to its variable rate mortgages of 0.25pc with effect from June 12 next.”
There is no change to the lender’s fixed rates.
It said the majority of its mortgages are on fixed rates.
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