“Fixed rates will be pulled from the market or priced so high that they will not be a realistic option. This will leave people at the mercy of their banks,” financial adviser Karl Deeter of Irish Mortgage Brokers told the Irish Independent.
Mr Deeter also predicted other lenders would now withdraw fixed rates as banks continue to lose money on mortgages because they signed up thousands of people on trackers which they are now losing money on.
Financial adviser Karl Deeter of Irish Mortgage Brokers said other lenders would follow Permanent TSB. He advised affected borrowers to sign up for a two-year fixed deal of 5.19pc.
This is likely to lead to other institutions following suit, according to Karl Deeter, operations manager with Irish Mortgage Brokers. “In the past it has tended that one institutional move, and then all of the others follow within a short amount of time,” he said.