Finance Ireland responds to ECB move by hiking variable mortgage rate

“Finance Ireland has a range of mortgage offerings, and customers are advised to contact the lender or a broker or to view the CCPC website if they think they may qualify for a different product or a different rate on their mortgage,” the group said.

The Central Bank said the weighted average interest rate on new mortgage contracts at the end of June was 4.04 per cent, an increase of 20 basis points on the previous month and up 136 basis points on this time last year. Bank of Ireland recently hiked its fixed rates for the fourth time in less than a year, while AIB raised its fixed rates in June and its variable rates are due to go up next week.

However, the underlying rate, which strips out volatile energy and food prices, remained stubbornly high at 6.6 per cent, keeping the squeeze on household budgets.

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