- Change affects fewer than half of the residential variable rate customers managed by Pepper.
- Average rate of 5.9% on residential variable rate mortgages as of 31 May 2023 will increase to 6.3%.
Following three interest rate increases this year, totalling 1.25%, announced by the European Central Bank (ECB) in February, March and May 2023, Pepper has started notifying certain customers of an additional increase in their variable rate, ranging from 0.5% to 1.0%.
Residential owner occupier variable rate mortgages serviced by Pepper represent just under 2.9% of the total residential mortgage market in Ireland. The rate increases will be passed on to just under 45% of the approximately 21,000 residential variable rate mortgages serviced by Pepper.
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