Borrowers under fire as banks search for profits

A market in which banks offer standard variable mortgages at interest rates below those offered to customers with money on deposit cannot last foreverq

8th August, 2009

The era of ever-falling interest rates for borrowers has come to an end. However, few expected an actual increase in rates for some time.

That was until Permanent TSB took the lead recently and announced a surprise increase in its mortgage interest rate by 0.5 per cent.

It looks certain that others will follow, although the public relations battering inflicted on Permanent TSB will make them cautious. But is this a one-off, or the first in...

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