Ulster Bank is to increase the interest rates it charges for new fixed rate mortgage products by 0.75%.

But because the bank is no longer selling mortgages to new customers the changes will only apply to some existing customers who are changing the product they have.

These include existing tracker and offset mortgage customers who continue to be able to apply for a mortgage if they are moving home or topping up their loan.

The changes will be applied from today but the bank says it will honour the original rates for such customers who have already applied, even if they have not yet reached the point of having received a loan offer.

The same principle will be applied to those with a variable rate who are seeking a fixed rate but who have not yet completed the switch.

"Customers with fixed rates expiring in November or December 2022 will also be able to access existing rates up to the date of expiry of their current rate, in recognition of the fact that they may have planned to select one of our existing rates but may not have actioned that yet," the bank said.

Variable rates will not increase as part of the changes.

The increased rates will apply to two, four and seven year fixed mortgages and the bank's four year fixed Green offering.

Five and ten year fixed rates have been withdrawn from sale.

Earlier this month Permanent TSB confirmed that it had completed the purchase of the performing non-tracker mortgage business of Ulster Bank.

The loan book was worth €6.2 billion and mortgages worth €5.2 billion had been migrated already, with the remaining €1 billion to be moved across to Permanent TSB in the second quarter of next year.

Ulster Bank is also planning to sell its €6 billion performing tracker book to AIB, but the deal is currently awaiting regulatory approval from the Competition and Consumer Protection Commission.