Bank of Ireland today (29th January 2009) announces rate reductions across its portfolio of fixed rate mortgage products for both new and existing homeloan customers. The cuts are across 2-year, 3-year and 5-year (see table below for details of all fixed rate reductions).

These rate cuts are in response to further reductions in the cost of funds on the market.
Bank of Ireland’s Fixed Rate Reductions:

New Business Old Rate New Rate Reduction New APR
2 year fixed 4.29% 3.79% 50bps 3.5%
3 year fixed 4.49% 3.99% 50bps 3.6%
5 year fixed 4.85% 4.55% 30bps 4.0%

The reductions will take effect from start of business on Friday 30th January 2009.

Commenting on today’s announcement Jonathan Byrne, Head of Mortgages & Loans, Consumer Banking, Bank of Ireland said:

“Interest rates have reduced considerably over the last number of months and there really is exceptional value to be had with both variable and fixed mortgage interest rates. These further reductions make our range of fixed rate offers very attractive to any customer wishing to fix either for the short or long term.”

Ends 29th January 2009

For reference

Sharon McDonnell
Group Consumer Communications Manager
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