Bank of Ireland to raise interest rates on fixed-rate mortgages by 0.5%
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.
Bank of Ireland variable rates and tracker rates remain unchanged.
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 is also introducing a one year term deposit account for business customers at 0.5%, which is capped at €250,000.
The mortgage rate changes are effective from today, while the new deposit account will be available from April 18.
This changes follow cumulative interest rate increases of 3.5% by the European Central Bank since last July.
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.
In January, the bank introduced a 0.75% increase for fixed rates on new mortgages.
It also introduced a 0.5% rate increase for 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.
