Bank of Ireland announce new mortgage rate rises from today

Interest rates offered on fixed-term mortgages will go up by 0.25%. Picture Denis Minihane.

Bank of Ireland have announced increases to their fixed-rate mortgages from today ahead of a meeting of the European Central Bank (ECB) where further hikes are expected to be announced.

In a statement, the bank said that a 0.25% increase will be added to fixed-rate mortgages available to 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, as well as tracker-rate or variable-rate customers who wish to move to a fixed rate.

“Mortgage applicants who already have a credit approval and who draw down their mortgage by August 24 can still avail of the previous fixed rates,” Bank of Ireland said.

The ECB is set to meet on Thursday where another rate increase of 0.25% is widely expected. Since July last year, it has already raised rates by 4%.