Bank of Ireland and ICS to increase mortgage interest rates

Bank of Ireland and ICS Building Society are to increase all variable mortgage interest rates by 0.5%.

The increase will mean that homeowners with a €100,000 mortgage over 25 years will see their monthly payments increase by around €27.

It has also emerged that Bank of Ireland current account holders are facing additional bank charges unless they maintain a balance of €3,000.

The money will not earn any interest while it is in the account.

The change, which comes into effect on November 19, has been criticised by the National Consumer Agency.