KBC announces mortgage rate hike
KBC Bank Ireland has announced that it is to increase its standard variable mortgage rate by 0.2%.
The bank, a subsidiary of Brussels-based KBC Group, is the latest to raise its mortgage interest rates following a variable rate hike announced by AIB on Monday and a similar move by Bank of Ireland last week.
The rate hike will come into effect for owner-occupiers from September 1. The bank said the average monthly increase in loan repayments for a home owner (owner-occupier) with a €200,000 mortgage over 20 years will be €20.82.
"The decision to increase our standard variable rate reflects the continuing high cost of attracting funds to support the mortgage market in Ireland," bank spokesperson John Delaney said.
" KBC Bank Ireland has sought to limit as far as possible the impact on our customers by delaying the introduction of these new rates until the 1st of September and we remain fully committed to offering a competitive choice to Irish home owners."
KBC Bank Ireland has been operating in Ireland for over 30 years. It provides services to mortgage customers in Ireland under the trading name ‘KBC Homeloans’ and has offices in Dublin, Belfast, Cork, Galway and Limerick.
