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Bank of Ireland to cut mortgage rates for new customers

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Bank of Ireland is to cut its mortgage rates for new customers, and reduce some fixed rates only for existing variable-rate customers.

The move comes as Permanent TSB cut its lending rates for new customers.

And last October AIB cut it variable rates – for both existing and new customers.

The new rates from Bank of Ireland will mean new borrowers who have a deposit of 40pc of the property’s value will get a rate of 3.9pc. Those with smaller deposits will get a rate of 4.50pc for new borrowings.

For existing mortgage holders who are with the bank, there are cuts in the fixed rates. But no cuts in the variable rate for existing customers.

The bank said it had launched a new €2.5bn mortgage fund, and was extending its offer to pay the stamp duty for new buyers until the end of this year.

Online Editors