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Finance Ireland to increase variable mortgage rates

The company said the changes will take effect from 12 June.
The company said the changes will take effect from 12 June.

Non-bank lender Finance Ireland is set to increase its variable mortgage rates by 0.25%.

The company said the changes will take effect from 12 June.

It said the move follows the 0.25% rate hike by the European Central Bank last week.

The lender did not announce any further changes to its fixed rates.

"Finance Ireland has a range of mortgage offerings, and customers are advised to contact the lender or a broker or to view the CCPC website if they think they may qualify for a different product or a different rate on their mortgage," it said in a short statement.

Back in March, Finance Ireland increased its fixed rates by up to 0.75%.

In February, it hiked its standard variable mortgage lending rates by 1%.

Non-bank lenders have been under greater pressure than the main banks to increase rates in recent months as they are funded from the wholesale markets, where rates have increased considerably.