Ebs join permanent tsb in withdrawing fixed rate mortgages
Unfortunately EBS will no longer be offering fixed rate options to new and existing customers.
This follows permanent tsb's move last week in effectively withdrawing fixed rare mortgages, through offering rates that are up to 4% higher than their standard variable rate.
The explanation for this move is that lenders cannot source fixed rate funds in the market at an acceptable price and cannot therefore offer these rates to customers.
Aib and Bank of Ireland still offer reasonable fixed rate products to new and existing customers.However these lenders are not interested in switcher applications, preferring to use their funds for first time buyers,trading up customers and their existing clients .
Most Irish mortgages are either variable or tracker mortgages.
Over the past number of years variable/tracker mortgages have proven to be the cheapest option.However with variable rates rising and with the expectation that the ECB base rate will rise from its current all time low of 1% to 2.5% over the next 2 years ,many variable holders are looking to fix to secure certainty into the future.
KBC are the only lender that will offer competitive fixed rates to switcher clients,but they have recently raised their rates and we anxiously await future moves from this lender.