AIB has announced that it is increasing interest rates on new fixed mortgages by 0.5%.
The bank says the move follows the European Central Bank's decision to raise interest rates by 1.25% from July.
Only new clients will be impacted by the changes; existing fixed mortgage rates and any variable or tracker mortgage rates offered by the bank will remain unaffected.
The bank stated in a statement that customers with AIB, EBS, and Haven in the Republic of Ireland will also be impacted by the change.
The former fixed rates will still be available to people who took out a new mortgage as of November 14 even if the higher rates go into effect today.
According to a statement, "AIB has only recently passed on interest rate hikes to tracker mortgage clients as the bank is contractually required to do."
The bank currently has more than half of its current mortgage customers on fixed rates.
A new €100,000 five-year fixed-rate mortgage with a loan-to-value ratio of between 50 and 80 percent over a 25-year period will now have a monthly payment that is €455.91 instead of €431.01.
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