Bank of Ireland notes today’s announcement by the ECB on interest rates and announces the following rate decreases across the Bank of Ireland and ICS Building Society mortgage products. The standard variable rate mortgage product is being reduced by 0.15% and the LTV product range by 0.10%. The Bank will now offer new mortgage business variable rates starting from 3.40%.
In a statement on today’s rate moves the Bank said: “The interest rate changes we have made today maintain Bank of Ireland’s position as a highly competitive mortgage provider currently responsible for financing six out of every 10 first-time-buyer mortgages in the Irish market. The Bank’s funding costs remain elevated and we will keep our interest rates including those for deposits under ongoing review.”