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Bank of Ireland cuts fixed rates on 2, 3 and 5 year mortgage products

    Today, Wednesday 10th September, Bank of Ireland is announcing further cuts to its 2, 3 and 5 year fixed mortgage rates for homeloans and investors with effect from Thursday 11th September.

    These rates are good news for potential home buyers and show that Bank of Ireland is open for mortgage business. Together with our attractive lending criteria, a wide and varied product range and excellent service levels, Bank of Ireland is committed to providing its customers with the right products, advice and options to buy their home.

    Homeloans

    For new homeloan customers, Bank of Ireland's current rates and new rates are as follows:

    ProductRateAPRNew RateNew APRChange
    2 year fixed - LTV <80%5.74%5.6%5.20%5.5%-0.54%
    2 year fixed - LTV >80%5.74%5.8%5.20%5.7%-0.54%
    3 year fixed - LTV <80%5.94%5.7%5.65%5.6%-0.29%
    3 year fixed - LTV >80%5.94%5.9%5.65%5.8%-0.29%
    5 year fixed - LTV <80%5.99%5.8%5.65%5.7%-0.34%
    5 year fixed - LTV >80%5.99%5.9%5.65%5.8%-0.34%

    At the start of September, Bank of Ireland also introduced five new highly competitive Variable LTV based products to its new business homeloan matrix. These new Variable LTV rates range from 5.30% (5.4% APR) to 5.65% (5.8% APR), depending on the customer's loan to value.

    Combined, Bank of Ireland has introduced a total of eleven new products for new homeloan mortgage customers.

    Similarly, 2, 3, and 5 year fixed rates have been cut and three new competitive variable LTV based products have been introduced for Residential Investment Loans.

    For new Residential Investment Loan customers, Bank of Ireland's current rates and new rates are as follows:

    ProductRateAPRNew RateNew APRChange
    2 year fixed - LTV <50%6.35%5.9%6.05%5.9%-0.30%
    2 year fixed - LTV 50% to 75% 6.35%6.1%6.05%6.0%-0.30%
    2 year fixed - LTV >75%6.35%6.1%6.05%6.1%-0.30%
    3 year fixed - LTV <50%6.39%6.0%6.00%5.9%-0.39%
    3 year fixed - LTV 50% to 75% 6.39%6.1%6.00%6.0%-0.39%
    3 year fixed - LTV >75%6.39%6.2%6.00%6.1%-0.39%
    5 year fixed - LTV <50%6.19%6.1%5.85%5.9%-0.34%
    5 year fixed - LTV 50% to 75% 6.19%6.1%5.85%6.00%-0.34%
    5 year fixed - LTV >75%6.19%6.2%5.85%6.00%>-0.34%

    For Residential Investment Loans, the new Variable LTV based products range from 5.65% (5.8% APR) to 5.90% (6.0% APR), depending on the customer's loan to value.

    Commenting on the introduction of these new fixed and variable LTV based rates, Brendan Nevin, Director Consumer Banking, Bank of Ireland said:

    "As the property market dynamic has changed in recent months, Bank of Ireland has listened to our customers and developed a range of mortgage products to meet their needs and offer real choices. Our new variable LTV based products offer customers a compelling and competitive mortgage option. Our new fixed rate mortgages are particularly attractive to First Time Buyers helping to give them security and reassurance and allowing them to plan and budget for their future mortgage needs. Bank of Ireland remains focussed on developing mortgage solutions that help our customers on all steps of the property ladder."

    Ends

    10th September 2008

    For further information:
    Sharon McDonnell
    Bank of Ireland
    Tel: 01 604 3750

    Bank of Ireland is regulated by the Financial Regulator

    More Information
    All rates quoted within this release relate to new mortgage business through the Bank of Ireland Direct Channel.

    Variable LTV Based Products New Business Rates - Homeloans

    Product RateApr
    Variable -LTV < 50% 5.30%5.4%
    Variable -LTV 50-80% Loan > €500k5.40%5.5%
    Variable -LTV 50-80% Loan < €500k5.45%5.6%
    Variable -LTV > 80% Loan > €500k 5.60%5.7%
    Variable -LTV >80% Loan < €500k 5.65%5.8%

    Variable LTV Based Products New Business Rates - RILS

    Product RateApr
    Variable - LTV < 50% 5.65%5.8%
    Variable - LTV 50% to 75%5.80%5.9%
    Variable - LTV > 75% 5.90%6.0%