Homeowners across Ireland are facing a hike in mortgage rates.

Permanent TSB is planning to increase its variable rate by ½% to 4%, according to reports.

Karl Deeiter, operations manager with Irish Mortgage Brokers, said: "In the past it has tended that one institutional move, and then all of the others follow within a short amount of time.

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"I'm not saying that we'll see everyone else move by the end of January, but certainly by the end of the first quarter of the year I would be surprised if all of the other banks haven’t increased their rates in line with the move Permanent TSB will make."

(GK)