Ulster Bank have announced that they will increase interest rates for new fixed rate mortgage products by 0.75 per cent.
Since the bank is no longer selling mortgages to new customers the changes will only apply to some existing customers who are changing the product they have, RTÉ reported. Those impacted by the increases will include existing tracker and offset mortgage customers who continue to be able to apply for a mortgage if they are moving home or topping up their loan.
The increased rates will apply to its two, four and seven year fixed mortgages and its four year fixed Green offering, they said, while five and ten year fixed rates have been withdrawn from sale. The changes were applied on Thursday.
Read more: Permanent TSB becomes latest bank to raise interest on fixed rate mortgages
However, the original rates for customers who have already applied will be honoured, even if they have not even received a loan offer yet. The same principle will be applied to those with a variable rate who are seeking a fixed rate but who have not yet completed the switch.
"Customers with fixed rates expiring in November or December 2022 will also be able to access existing rates up to the date of expiry of their current rate, in recognition of the fact that they may have planned to select one of our existing rates but may not have actioned that yet," the bank said. Variable rates will not increase as part of the changes.
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