Bank of Ireland Mortgages Increases Fixed Rates
25-Nov-05Bank of Ireland Mortgages today, Friday 25th November, announced rate increases across its portfolio of home loan and investment fixed rate mortgage products.
The rise in rates will mean increases in the 1-year, 2-year, 3-year, 4-year, 5-year, 10-year and 20-year fixed rates (see table below) and are in response to the increased cost of funds on the financial markets. The increases will take effect from close of business on Friday 25th November 2005 for both new and existing customers.
Fixed Rate Increases - Home Loan
| Product | Rate | APR | % Increase |
1 year (new) | 3.09% | 3.6% | 0.34% |
1 year (existing) | 3.89% | 3.7% | 0.60% |
2 year | 3.99% | 3.7% | 0.60% |
3 year | 4.09% | 3.8% | 0.60% |
4 year | 4.19% | 3.9% | 0.50% |
5 year | 4.29% | 4.0% | 0.44% |
10 year | 4.75% | 4.6% | 0.26% |
20 year | 5.09% | 5.2% | 0.10% |
Commenting on today's rate increases, Olive Moran, Marketing Manager, Bank of Ireland Mortgages said:
'The rise in our fixed rates is attributable to the rise in the cost of funding on the financial markets. Given that the ECB Repo rate is expected to rise by 1% to 1.5% over the next fifteen months, customers may now wish to lock into a fixed rate so that they have certainty of their monthly mortgage repayments'.
Due to a change in the funding structure of the Life Loan product, Bank of Ireland Mortgages has reduced its 15-year fixed rate on its Life Loan product. This rate is available to all new customers from close of business Friday 25th November.
Product | Rate | APR | % Decrease |
Life Loan - 15 year fixed rate | 5.5% | 5.6% | 0.74% |
Bank of Ireland Mortgages also announced increases across its range of investment fixed rates for new and existing customers. The increases will take effect from close of business on Friday 25th November 2005 for both new and existing customers
Fixed Rate Increases - Investment Rates
| Product | Rate | APR | % Increase |
1 year (new) | 3.29% | 4.1% | 0.34% |
1 year (existing) | 4.09% | 4.2% | 0.64% |
2 year | 4.19% | 4.2% | 0.64% |
3 year | 4.29% | 4.2% | 0.64% |
4 year | 4.39% | 4.3% | 0.54% |
5 year | 4.49% | 4.4% | 0.50% |
10 year | 4.75% | 4.7% | 0.16% |
20 year | 5.09% | 5.2% | 0.10% |
ENDS
Date: 25th November 2005
For reference:
Olive Moran
Marketing Manager
Bank of Ireland Mortgages
Tel: (01) 611 3525
Mobile: 086 662233
Anne Mathews
Media Relations Manager
Group Corporate Communications
Tel: (01) 604 3836
Mobile: 087 246 0358