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Friday 21 October 2016

Bank of Ireland slash mortgage rates for homeowners opting for fixed rate

Published 29/05/2015 | 14:11

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Bank of Ireland have cut a number of mortgages rates for those who are prepared to lock in to a fixed rate.

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But the bank continues to defy Finance Minister Michael Noonan by refusing to reduce its variable rate, which is one of the highest in the market.

The bank has reduced its one, two, three, five and ten year rates. All of the reduced rates will be available to new and existing customers.

Existing homeowners and new buyers will be able to lock into to a two-year rate at 3.6pc if their property is worth at least 20pc more than they have borrowed.

The bank said half of new borrowers were opting for fixed rates.

This day last week Mr Noonan extracted a promise from Bank of Ireland and five other leading lenders to cut their variable or fixed rates following months of controversy over high variable rates being paid by 300,000 mortgage holders.

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