Bank of Ireland to raise interest rates on fixed-rate mortgages by 0.5%

This is the second time Bank of Ireland has raised rates this year and the third time overall since the ECB started raising rates in an effort to stifle stubborn inflation.

Applicants who already have a credit approval and who draw down the mortgage by May 5, can still avail of the previous fixed rates.

Bank of Ireland said it will increase interest rates by 0.5% for a number of mortgage and deposit products.

The hike will impact the bank’s fixed rate mortgages for new and existing customers. This includes customers who are coming to the end of their fixed rate period and are seeking to re-fix their mortgage, and tracker rate or variable rate customers who wish to move to a fixed rate.