Bank of Ireland to cut mortgage rate

Bank of Ireland to cut mortgage rate

Bank of Ireland is to cut its fixed mortgage interest rate by up to 0.3%.

The reduced rate will apply to new and existing customers.

The bank said that the cut reflects the lower cost of borrowing to the bank.

Existing customers on variable rates, or coming to the end of their current fixed rate period, can apply for the bank’s two, three, five and 10-year fixed rate options.

Bank of Ireland is also cutting its 10-year fixed rate by 0.3%.

Aine McCleary, Head of Mortgages of Bank of Ireland, said: "At the end of 2014 fixed rate mortgages accounted for 9% of Bank of Ireland’s outstanding mortgage balances.

"However, in the first quarter of 2015 alone, approximately 50% of our new mortgage customers have chosen a fixed rate.

"This shows how more and more customers are choosing the certainty and stability of fixed repayments, especially in the current low interest rate environment.

"This is the second mortgage rate cut from Bank of Ireland this year. In January we communicated with our variable rate customers advising them of our new rate offers, and we will be doing so again.

"We are building on the significant momentum underway in meeting the needs of Bank of Ireland's existing and new mortgage customers.

"Our €2bn mortgage fund that we launched last year is now fully subscribed and earlier this year we launched a further €2.5bn fund to meet customer demand for new mortgages."

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