Bank of Ireland Passes on Full .50% Reduction to Existing Standard Variable Rate and Tracker Rate Mortgage Customers
Bank of Ireland today, Thursday 9th October 2008, confirms that it will pass on the full ECB rate decrease of 0.5% to our existing Standard Variable Rate (SVR) and Tracker Rate Mortgage customers. The new Standard Variable Rate will be effective on Monday 3rd November 2008 and the new tracker rates effective from Wednesday 15th October 2008.
Example of Savings with rate reduction:
Bank of Ireland Standard Variable Rate (Savings based on a €250,000 mortgage over 25 years.)
| Old Rate | Old APR | New Rate | New APR | Monthly Saving | Annual Saving |
|---|---|---|---|---|---|
| 5.79% | 5.9% | 5.29% | 5.4% | €74.01 | €888.12 |
Ends
9th October 2008
For reference
Sharon McDonnell
Bank of Ireland
Group Consumer Communications
Tel: 01 604 3750
Bank of Ireland Mortgage Bank is regulated by the Financial Regulator and is a member of Bank of Ireland Group