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EBS to raise mortgage rates

EBS is to hike its variable mortgage rate from October.

EBS IS TO raise its variable mortgage rates from 1 October, the building society announced today.

In some more bad news for Irish homeowners, EBS said it will increase its Standard Variable Rate by 0.25 per cent.

The new rate of 4.93 per cent (5.1 per cent APR) will be charged from the first day of October.

According to the institution, the increase will mean monthly repayments will jump by about €12 for every €90,120 borrowed. EBS said the average SVR loan size at the building society is currently €90,120.

Dara Deering, Director of Retail Business at EBS, said the new rates reflect the continued increase in the cost of funds to the business.

Bank of Ireland raised its standard variable mortgage rate by 0.5 per cent last week.

Read: Morgan Kelly calls for debt forgiveness for struggling mortgage holders >

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12 Comments
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    Mute Fiona Barrett
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    Aug 19th 2011, 6:38 PM

    oh thanks EBS, that’s just great news…NOT….how much more can you push people?? that’s 3 rate increases on my mortgage since June! can’t take much more :(

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    Mute Val Foley
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    Aug 20th 2011, 1:16 PM

    I couldn’t agree more. How much more do they think they can squeeze us for?? How much more will we take??

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    Mute Mark Durcan
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    Aug 19th 2011, 6:59 PM

    I hear ya… They are a disgrace… They couldn’t care less… They liked dishing out the money when times were good and now they don’t care about banging up the rates when they feel like it….

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    Mute Sheila Murphy
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    Aug 19th 2011, 7:16 PM

    here we go again – and we’ll have a household tax on us as well next regardless of circumstance.

    It’s interesting that the ECB are currently raising the interest rate – wouldn’t be anything to do with raising money for a failing BIG French bank to keep it afloat, perchance?

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    Mute Oil Foster
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    Aug 19th 2011, 8:03 PM

    This interest rise IS a tax, EBS are state owned.
    Why do we put up with this?

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    Mute Randy savage
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    Aug 19th 2011, 8:04 PM

    EBS you are utter S**m the lowest form of low. Another rise sure ive some spare change down the armchair if you want that too ya greedy sods………teething with anger right now >(

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    Mute Gis Bayertz
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    Aug 19th 2011, 8:03 PM

    They’re nothing more than a bunch of capitalist gangsters

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    Mute John Saurin
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    Aug 19th 2011, 8:38 PM

    Profit before reason . This can’t be tolerated any more

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    Mute Gis Bayertz
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    Aug 19th 2011, 10:40 PM

    What to do?

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    Mute Randy savage
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    Aug 19th 2011, 8:07 PM

    EBS you utter S**m another rate rise how greedy can you get. you are really pushing our patience now. Ive some spare change down the armchair if you want that too. Its ok tho i wasnt planning on eating this week. Id be better off on welfare at least then the state would pay my mortgage >(

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    Mute Randy savage
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    Aug 19th 2011, 8:07 PM

    oops

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    Mute Neil Curran
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    Aug 20th 2011, 11:04 AM

    Do banks increase their bad debt provision when they raise interest rates?

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