New Finance Ireland mortgage rate to reach 6.2 to 6.9 percent

Robert Besser
14 Mar 2023, 17:18 GMT+10

Finance Ireland, is increasing its fixed mortgage rates by as much as 0.75 percent.
Three-year fixed rate loans will increase to 6.29 percent, and the new highest 5-year rate will be 6.22 percent.
Finance Ireland is a non-bank lender which, along with others, has faced greater pressure than banks to increase rates, since they are funded from the wholesale markets.

DUBLIN, Ireland: Finance Ireland, is increasing its fixed mortgage rates by as much as 0.75 percent.

Three-year fixed rate loans will increase to 6.29 percent, and the new highest 5-year rate will be 6.22 percent.

Finance Ireland also announced that 5-year fixed rates will increase by 0.5 percent, while 3-year fixed rates will increase 0.75 percent.

The new rates go into affect this week.

However, earlier loan offers will be honored at their stated rates, as customers have until April 17th to close.

"Cases at a pre-offer stage will have the new rates applied at loan offer," Finance Ireland said in a statement.

Finance Ireland raised its standard variable rate products by 1 percent in February.

The company increased both variable and fixed rates for its mortgage products in October by 1.5 to 2 percent.

Also in October, Finance Ireland suspended fixed rate mortgages for periods of 10 years or more to new applicants.

Finance Ireland is a non-bank lender which, along with others, has faced greater pressure than banks to increase rates, since they are funded from the wholesale markets where rates have greatly increased.

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