PERMANENT TSB has announced it will raise its standard variable mortgage rate by 0.5%. The change will take effect from 3 August.
This is the bank’s third rate rise in 12 months, and will affect around 80,000 TSB customers.
The Money Advice and Budgeting Service (MABS)Â said that this increase will push many more people “over the edge” into mortgage difficulty.
There were 600 new repossession cases before the Master of the High Court in under two months this year.
Mortgage holders will be watching their lender closely to see if anyone else follows suit.
EBS already announced a rate hike of 0.6%, which will kick in on 1 August. That was EBS’s second rise this year – the bank had already introduced a similar increase at the start of May.
AIB has said it has no intentions at present to increase its rates, and BOI said it was continually monitoring its rates. Both have already increased their rates by 0.5% this year.
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