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EBS to raise mortgage rates

EBS is to hike its variable mortgage rate from October.

Image: Photocall Ireland

EBS IS TO raise its variable mortgage rates from 1 October, the building society announced today.

In some more bad news for Irish homeowners, EBS said it will increase its Standard Variable Rate by 0.25 per cent.

The new rate of 4.93 per cent (5.1 per cent APR) will be charged from the first day of October.

According to the institution, the increase will mean monthly repayments will jump by about €12 for every €90,120 borrowed. EBS said the average SVR loan size at the building society is currently €90,120.

Dara Deering, Director of Retail Business at EBS, said the new rates reflect the continued increase in the cost of funds to the business.

Bank of Ireland raised its standard variable mortgage rate by 0.5 per cent last week.

Read: Morgan Kelly calls for debt forgiveness for struggling mortgage holders >

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