Friday 9 December 2016

Irish Life to raise mortgage rate

Fergal O’Brien

Published 29/01/2010 | 15:56

Irish Life & Permanent said it will raise the rate on its standard variable mortgage by 0.5pc from February 1, citing the "high cost" of funds required to finance its mortgage loan book.

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“As has been previously advised to the market,” Irish Life’s banking unit Permanent TSB “is facing significant financial challenges,” the lender said in a statement today. The “high cost of funds continues to pose challenges.”

Irish Life said the change in the rate will affect just under 80,000 residential mortgage customers.

Bloomberg

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