Bank of Ireland announces mortgage interest rate increase

Bank of Ireland has today announced interest rate increases across its fixed and tracker rate mortgages on homeloan and residential investment loans.

There are changes of between 0.10% and 0.35% across a range of fixed and tracker homeloan rates for new business.

In addition, there is an increase of 0.55% on the one-year fixed rate for homeloans. There are increases of up to 0.40% on residential investment loans.

Commenting on the rate increases Brendan Nevin, director, personal lending, Bank of Ireland said: "The cost at which banks borrow has continued to increase over the last number of months. We have been monitoring this situation very closely, and today we are moving our rates to reflect the current market conditions."

These rate changes are effective from tomorrow.