Bank of Ireland increases interest rates for fixed mortgages

Kenneth Fox

Bank of Ireland is increasing its interest rates on fixed mortgages by 0.5 percentage points.

The change will apply to new and existing customers from today.

Variable and tracker rates remain unchanged.

As the Irish Examiner reports, 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.

Applicants who already have a credit approval and who draw down the mortgage by May 5th, 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 per cent, which is capped at €250,000.

The mortgage rate changes are effective from today, while the new deposit account will be available from April 18th.

The European Central Bank has increased its interest rates six times since last July.