Now they want to take fixed rate too

THIS is going to be an anxious year for mortgage holders - all 790,000 of them - with the ECB likely to introduce a series of…

THIS is going to be an anxious year for mortgage holders - all 790,000 of them - with the ECB likely to introduce a series of rate increases later this year. Even before that happens, Irish lenders are bumping up rates for customers on standard variable rates.

The EBS for instance put up its charges by 1.8 per cent since the beginning of 2010. The latest news from EBS is another blow to the shaky mortgage market. Its broker division Haven is no longer to offer fixed rate mortgates, a move that may well be followed by other institutions.

The ending of fixed rates means that borrowers have one less option to shelter from standard variable rates. Even the pick of the fixed rates, the trackers - held by 350,000 homeowners - will also take a hit when the ECB rate moves up over the summer months.

According to Frank Conway, director with moneycoach.ie, banks are shutting down options that provide some repayment certainty over a period of time.

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“Lenders are moving decisively to regain maximum control over their customers and costs,” he said.