Shake-up in mortgage market

Amid the rate rise gloom, there was finally some good news for home owners as National Irish Bank launched a competitive new product, writes Louise McBride, Personal Finance Correspondent.

21st October, 2006

There were mixed blessings last week for first-time buyers. Two o f t h e country’s top banks started to pass on the cost of the latest European Central Bank (ECB) rate rise to borrowers.

AIB increased its standard variable rate for mortgages from4.25 to 4.35 per cent. Bank of Ireland increased its standard variable rate from 4.44 per cent to 4.64 per cent.

Borrowers with tracker mortgages, where the interest rate automatically moves in line...

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