Bank of Ireland boss says switch to fixed-rate mortgages would be 'sensible'

The chief executive of Bank of Ireland has said he believes it would be "sensible" for customers to switch to fixed rate mortgages.

Richie Boucher has told the finance committee that the bank has a deliberate strategy of higher variable rates as an incentive to go onto fixed products.

He said the majority of new mortgages issued by the bank are now fixed-rate and wants existing customers to consider it too, saying every one of the bank's existing customers can switch into a fixed rate if they wish.

He said this would allow customers to save money and added fixed rates can apply to periods of three years and up, so are not binding for the lifetime of the mortgage.