ULSTER BANK HAS increased fixed mortgage interest rates by 0.75%.

The new rates are effective from today and will only apply to certain existing customers.

The bank is currently implementing a phased withdrawal from the Irish market and as a result, mortgages have not been on sale to new customers since June or to existing customers since August.

However, existing tracker and offset mortgage customers can continue to apply for a mortgage loan offer to move property or a top up mortgage until further notice.

The rate increase will apply to two, four and seven year fixed rate mortgages, as well as four year fixed Green mortgages.

Variable rates are not impacted by the increase, while five and ten year fixed rates have been removed from sale.

While the changes are effective from today, Ulster Bank said it will honour the original rates for customers who have already applied, “even where they have not yet reached the stage of having a loan offer”.

A statement from Ulster Bank said: “Customers with fixed rates expiring in November or December 2022 will also be able to access existing rates up to the date of expiry of their current rate, in recognition of the fact that they may have planned to select one of our existing rates but may not have actioned that yet.”