Bank of Ireland won’t take mortgage rate ‘risk’

Bank of Ireland looks set to resist pressure to cut its most expensive mortgage rates despite growing political pressure and significant moves by its biggest competitor earlier this week.

The lender appears unlikely to cut its standard variable rates despite moves by AIB to gain a greater share of the mortgage market by offering cheaper loans to customers.

On Monday, AIB cut its standard variable rate for new and existing mortgage holders by 0.25% making some of its mortgage products up to 1% cheaper than Bank of Ireland’s.