Three mortgage lenders have announced that they are independently raising their mortgage interest rates.

Ulster Bank, First Active and Permanent tsb have increased their standard variable rates by between 0.2% and 0.25%.

This increase will add an extra €40 a month to a mortgage of 250,000 over a 30 year term.

A spokesman for Permanent tsb, which is the largest mortgage provider in Ireland, said the change reflected the higher cost of money in international markets.

He said they had tried to avoid passing this increase on to customers until now, but had to do so at this time.

The Independent Mortgage Advisers Federation says consumers should now contact their bank to check what kind of mortgage they have.

The organisation is also raising concerns that other mortgage providers may also look at increasing their rates.