Bank of Ireland Announces Significant reductions to its Fixed Rate Mortgage Products

Today, Wednesday 3rd December 2008, Bank of Ireland announces significant reductions across its fixed rate mortgage product range.

Product – Homeloans Old rate Old APR New rate New APR
1 year fixed (first time buyers only) N/A N/A 3.30% 4.80%
2 year fixed, LTV <80% 4.95% 4.80% 4.29% 4.70%
2 year fixed, LTV >80% 4.95% 5.00% 4.29% 4.80%
3 year fixed, LTV <80% 5.29% 4.90% 4.49% 4.70%
3 year fixed, LTV >80% 5.29% 5.10% 4.49% 4.80%
5 year fixed, LTV <80% 5.49% 5.20% 4.85% 4.80%
5 year fixed, LTV >80% 5.49% 5.30% 4.85% 4.90%

Bank of Ireland is introducing a new 1 year fixed rate of 3.30% (4.80% APR) specifically for First Time Buyers.

Commenting on the fixed rate reductions, Jonathan Byrne, Head of Mortgages & Loans, Consumer Banking Ireland, said, “We are delighted to announce these fixed rate reductions today. With the introduction of our new 1 year fixed rate for first time buyers, we hope to help them with their first steps onto the property ladder. First Time Buyers need support during the early years of their mortgage and this new one year fixed rate is being introduced to support them through this expensive time.

“Together with our attractive lending criteria and our excellent service levels, these new rates confirm that at Bank of Ireland Group we are committed to providing our customers with the right products, advice and options to buy their home.

“We are also introducing significant decreases to our 2, 3 and 5 year fixed rates and they continue to be highly competitive in the market place.” He added.

These new rates will come into effect on Friday 5th December 2008.

3rd December 2008

For reference
Sharon McDonnell
Group Consumer Communications
Bank of Ireland
Tel: 01 604 3750

Bank of Ireland and Bank of Ireland Mortgage Bank, trading as Bank of Ireland Mortgages, are regulated by the Financial Regulator. Bank of Ireland Mortgage Bank is a member of the Bank of Ireland Group