Banks attacked over rate changes

Bank of Ireland yesterday came under fire for ignoring existing variable-rate mortgage customers as it unveiled interest-rate reductions across other mortgage products.

The bank announced changes of between 0.1% and 0.9%, effective immediately for new customers and from February 1 for existing fixed-rate customers.

Customers looking for a five-year, fixed-rate mortgage with a loan-to-value (LTV) of less than 75% will be the greatest benefactors, with the bank offering a rate of 3.95%, as opposed to the 4.75% previously charged.