EBS building society has announced another increase in variable mortgage rates. From August 1st, variable rate customers will face 0.6 of a percentage point increase in their payments.

EBS raised mortgages rates by a similar amount at the start of May.

The change will mean an increase of about €100 per month to a customer with a €300,000 30-year mortgage.

Dara Deering spokes- woman said: “The previous increase did not close the gap that exists between the standard variable rate and the rates that we are paying on the open market. ”