Customers hit by Bank of Ireland interest decision

The rate of mortgage holders in arrears could be set to jump as Bank of Ireland raises it's mortgage costs.

The Irish Independent has revealed today that thousands of Bank of Ireland's standard variable rate customers will be hit with a 0.5% jump in interest rates.

This will result in repayments for some mortgage holders increasing by more than €1000 per year.

The rise will come into effect for existing customers on October 5th, when the interest rate will rise to 4.3%.