Irish Nationwide Building Society is to withdraw 'temporarily' from offering fixed-rate mortgages.
It said the decision had been taken due to the high cost of funds on financial markets. INBS said the decision would be reviewed 'on an ongoing basis'. The move means existing fixed rate customers will go on to a standard variable mortgage rate when their term ends.
It said today that it would honour all fixed rate loan offers so far issued to new customers, and fixed rate offers already issued to existing mortgage customers if they are received by its head office by close of business on Friday. Customers already on fixed rates are not affected, as their current contract terms and conditions continue to apply.
Earlier this month, the building society confirmed that it had stopped all new mortgage lending.
Earlier this month, EBS also stopped customers fixed rate mortgages, while Irish Life & Permanent announced big rises in its fixed rates.
