Economic uncertainty, coupled with the pandemic, has made an impact on various sectors, including the housing market. Recently, EBS and Haven, two of Ireland’s largest mortgage lenders, announced an increase in their mortgage rates for both new and existing customers. This caused a stir among homeowners, property buyers, and industry experts alike, signaling potential changes in the market. In this article, we will explore the reasons behind the increase in mortgage rates, how it will affect homeowners, and what it means for the future of the Irish housing market.
Mortgage lenders Haven and EBS have announced they will increase certain product’s variable rates by 0.35%. Effective from May 18th, Haven’s variable rate mortgages will have a rate of 3.5% on an 80% loan to value mortgage, while EBS is raising its buy-to-let variable mortgage interest rate to 5.43%. Both lenders are part of AIB Group, with Haven offering green mortgage fixed rates to customers with an energy rating of B3 or higher, and EBS providing a lower cost green mortgage fixed rate for homebuyers with the same energy rating. Both lenders’ fixed mortgage rates remain unchanged. Monthly repayments on Haven and EBS mortgages will rise following this announcement. These rate increases are a result of the European Central Bank’s recent interest rate hikes, which are anticipated to continue in May.
In conclusion, finding the right mortgage rate can be a daunting task. With lenders like EBS and Haven announcing their recent hike in mortgage rates, it is essential to keep an eye on the market and stay informed. By doing so, you can make the right financial decisions for you and your family’s future. It is always advisable to consult with a professional mortgage advisor to understand the best options available to you. With patience and due diligence, you can secure a mortgage rate that fits your needs and budget.
