The AIB Group has increased its interest rates following the latest rise by the European Central Bank (ECB).
On Thursday the ECB raised its interest rate by a further 0.5% to 3% - the highest it has stood at since 2008.
On the back of the announcement AIB announced it would also be increasing its average rate by 0.5% across AIB and Haven fixed rate mortgage products.
The new fixed mortgage rates are effective from Friday February 3rd. Customers who draw down their new mortgage by close of business March 3rd can avail of the previous fixed rates.
AIB’s competitive variable mortgage rates will increase by 0.35%. The bank will write to customers who hold variable rate mortgages confirming the new interest rate and effective date of March 14.
Customers with a tracker mortgage linked to the ECB rate will see changes to their interest rate applied in line with their contract following the latest ECB rate increase.
Variables rates at Haven remain unchanged while rates at EBS are not changing.
The changes mean that the monthly repayment on a new €100,000 AIB five-year green fixed rate mortgage with a loan-to-value of 50-80% over a 25-year term will rise by €31.91 to €513.65.
AIB is also increasing rates on a variety of its variable deposit products by between 0.1% and 0.9% from February 21st.