Bank of Ireland and ICS Building Society pass on full .50% reduction
Bank of Ireland and ICS Building Society today, Thursday 6th November 2008, confirms that we will pass on the full ECB rate decrease of 0.5% to our existing Standard Variable Rate (SVR) and Tracker Rate Mortgage customers and across our Variable LTV based product range.
Example of savings with rate reduction:
Bank of Ireland Variable LTV <50% (Savings based on a €250,000 mortgage over 25 years.)
| Old Rate | Old APR | New Rate | New APR | Monthly Saving | Annual Saving |
|---|---|---|---|---|---|
| 5.00% | 5.1% | 4.50% | 4.6% | 71.26 | 855.12 |
Speaking about the reductions, Brendan Nevin, Director Consumer Banking, commented “The decision by the European Central Bank to reduce its rate from 3.75% to 3.25% is a welcome move. This reduction, which we are passing on in full is good news for potential home buyers and demonstrates that Bank of Ireland and ICS Building Society are very much open for mortgage business. Together with our attractive lending criteria, a wide and varied product range and excellent service levels, at Bank of Ireland Group we are committed to providing our customers with the right products, advice and options to buy their home.”
Ends
For reference
Sharon McDonnell
Group Consumer Communications Manager
Bank of Ireland
Tel: 01 604 3750
Mobile: 087 2269324