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Permanent TSB may re-introduce fixed rate mortgages but at rates as high as 7%, effectively pricing itself out of the market, The Sunday Times reports.

“We will certainly be north of 6-6.5%,” said David Guinane, the bank’s chief executive.

Michael Dowling, a mortgage adviser, said the bank’s decision last week to hike variable rates by 1% would push many more people into arrears.

“Permanent TSB say they have 80,000 customers on variable rates – that’s a huge number of people going to face substantial increases and will also exacerbate the arrears problem,” he said.

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