Bank of Ireland announces cuts to fixed mortgage rates available to new and existing customers

  • Reflecting the reduced cost of term debt to Bank of Ireland, new fixed rates options now priced from 3.35%; 5 year fixed rate of 3.45%
  • 7 in 10 new owner occupier customers are now choosing fixed rates
  • New fixed rates available to all existing customers with a variable rate mortgage

Monday 15th February 2016: Bank of Ireland has today announced cuts of up to 0.35% in new fixed mortgage interest rates available to both new and existing customers, reflecting the reduced cost of term debt to Bank of Ireland.

All new fixed rate offers from 1 to 5 years with a loan to value (LTV) up to 80% are between 3.35% and 3.45%. Fixed rate mortgages provide certainty to both the customer and the Bank at a time when interest rates are at historic lows, and almost 7 in 10 new owner occupier mortgage customers are now choosing fixed rates.

Bank of Ireland has reduced its new 1, 2, 3 and 5 year fixed rate products including a new rate of 3.35% for 2 year fixed period for Loan to Value (LTV) up to 80% and 3.45% for 5 year fixed period for LTVs up to 80%. Existing customers on variable rates, or coming to the end of their current fixed rate period, can apply for the Bank’s new one, two, three, five and ten-year fixed rate options and for every variable rate customer there is a competitive fixed rate which could save them money.

John O’Beirne, Head of Mortgages, Bank of Ireland, commented: “Over the last six months almost 7 in 10 of our new owner occupier mortgage customers opted for a fixed rate and customers are increasingly choosing the certainty and stability of fixed repayments, especially in the current low interest rate environment.

“Fixed rates provide monthly certainty and longer term stability for purchasers and homeowners letting them lock into a fixed rate for a period from one to ten years of their choosing. Our fixed rate options include a number of flexible features. Bank of Ireland allows customers to choose a mix of fixed and variable rates to balance flexibility with certainty. Customers can also carry their fixed rate to their new mortgage when they move home.”

The new fixed rates will be available to all existing and new customers from tomorrow (16th February). Bank of Ireland provided 3 in 10 of all Irish mortgages to customers in 2015. 8 out of 10 customers applying for a mortgage to Bank of Ireland were approved. Bank of Ireland is open for mortgage lending through a number of channels.

Mobile mortgage managers meet customers anywhere and anytime – including at weekends. Building on existing branch, phone, online and mobile channels, mortgage advisors are now also available to meet with customers via Skype and Facetime. Our 2% Cashback offer gives 2% of the value of the mortgage as cash back following drawdown. Bank of Ireland also recently launched a new MortgageSaver product, providing those saving for a first time mortgage with a bonus of up to 10% on their savings.

Table of new rates:

Fixed Rate Current New Reduction
 1 year <= 80%  3.60%  3.40%  -0.20%
 1 year > 80%  3.70%  3.65%  -0.05%
 2 year <= 80%  3.60%  3.35%  -0.25%
 2 year > 80%  3.75%  3.65%  -0.10%
 3 year <= 80%  3.60%   3.45%  -0.15%
 3 year > 80%  3.80%  3.70% -0.10%
 5 year <= 80%  3.80%  3.45%  -0.35%
 5 year > 80%  3.95%  3.75%  -0.20%

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