Home owners are facing new hikes with news that another mortgage provider is increasing interest rates.
Belgian-owned KBC Bank Ireland today said it is raising its standard variable interest rates for owner occupiers by 0.20 per cent.
From September 1st rates will rise from 3.65 per cent (APR 3.71 per cent) to 3.85 per cent (APR 3.92 per cent) for owner occupiers.
John Delaney, director of the Homeloans Division at KBC Bank Ireland, said th decision to increase standard variable rate "reflects the continuing high cost of attracting funds to support the mortgage market in Ireland”.
A spokesman for KBC said the lender holds between 9 to 10 per cent of the State's mortgage market.
On Monday, AIB announced it is to increase rates for variable mortgage holders by 0.5 per cent to 3.25 per cent, while Bank of Ireland announced it would be raising the interest rate on its standard variable mortgage by 0.45 per cent last week.
On July 23rd, Permanent TSB raised its interest rates after announcing it is to increase its standard variable rate by 0.5 per cent to 4.19 per cent.