AIB will raise tracker mortgage rates by 0.5 percent in line with the European Central Bank’s hike last week.
The ECB’s rate hike, the first in more than a decade, comes as inflation soars across the euro zone.
According to an update on the bank’s website, the increase will affect all AIB tracker mortgage customers.
The changes will go into effect in August for the majority of Tracker mortgage customers. AIB said it will be writing to all Tracker mortgage customers to confirm the new rate and the effective date.
There will be no changes to AIB’s current variable or fixed rate mortgage rates at this time.
AIB will also stop applying negative interest rates to all impacted accounts in August and will communicate this directly to impacted customers.
Typically, banks raise tracker rates a month after an ECB rate hike. The hike in interest rates is likely to affect 250,000 Tracker mortgage customers across Ireland.
https://www.independent.ie/business/irish/aib-to-increase-tracker-mortgage-rates-by-05pc-from-august-41867524.html AIB will raise tracker mortgage rates by 0.5 percent starting in August