INBS to raise mortgage interest rate
Irish Nationwide Building Society has announced that its home loan standard variable mortgage rate will increase by 0.65% to 4.4%.
The interest rake hike will take effect from May 1, 2011.
All customers have been written to advising them of the rate increase and the Central Bank has been notified.
"The increase is directly attributable to the rising cost of funds and will add an additional €34 to the cost of monthly repayments on a €100,000 mortgage over 20 years," said a statement from the lender.
"The last time Irish Nationwide raised its home loan standard variable mortgage rate was in September 2010."
