Bank of Ireland confirms mortgage rate changes
Bank of Ireland have today 9th of April 2010 announced interest rate increases across their Owner Occupier and Buy to Let mortgages. These rate changes are effective from 16th of April 2010.
Owner Occupier Rates
Standard Variable Rate = + 0.50%
Variable LTV rates for new and existing business = + 0.50%
Fixed rates for new and existing* business = + 0.35% – 0.50%
Buy to Let Rates
Variable rates for new and existing business = no change
Fixed rates for new and existing* business = no change
Investment Variable Rate, legacy rate not available to new or existing customers = +0.50%
QUOTE:
Commenting on the rate increases, Brendan Nevin, Director of Consumer Lending, said: The cost of funding mortgages has become increasingly costly, for example, we are paying more to customers for deposits than we are receiving for mortgages. As a result of this, our current mortgage pricing is unsustainable. While this increase is regrettable, we have no choice but to make this move.
Bank of Ireland PDH Rates effective from start of business Friday 16th of April 2010.
| New Customers | New rate | New APR | % change. |
| Standard Variable Rate (not available for new or existing business) |
3.04% | 3.10% | + 0.50% |
| Variable LTV <50% | 2.75% | 2.8% | + 0.50% |
| Variable LTV 50%-80% >500k | 2.85% | 2.9% | + 0.50% |
| Variable LTV 50% – 80% <500k | 2.90% | 2.9% | + 0.50% |
| Variable LTV >80% >500K | 3.05% | 3.1% | + 0.50% |
| Variable LTV >80% <500K | 3.10% | 3.1% | + 0.50% |
| 1 year Fixed – FTB only | 2.85% | 3.1% | + 0.50% |
| 2 year fixed – FTB only | 3.15% | 3.1% | + 0.50% |
| 2 year fixed – Mover only | 3.25% | 3.2% | + 0.40% |
| 2 year fixed – All LTV’s | 3.49% | 3.2% | + 0.50% |
| 3 year fixed – All LTV’s | 3.79% | 3.4% | + 0.40% |
| 5 year fixed – All LTV’s | 4.39% | 3.8% | + 0.40% |
| Existing Customers Variable Rate | New rate | New APR | % change. |
| BOI Existing Variable VRP15 | 3.20% | 3.2% | + 0.50% |
| Existing Customers Fixed Rates* | |||
| 2 year fixed | 3.50% | 3.3% | + 0.35% |
| 3 year fixed | 3.95% | 3.5% | + 0.35% |
| 5 year fixed | 4.75% | 4.0% | + 0.50% |
*Customers currently on a fixed rate will not be impacted by this rate increase. The existing fixed rate increases detailed here are for existing mortgage customers who now wish to move to a fixed rate.
Bank of Ireland and Bank of Ireland Mortgage Bank, trading as Bank of Ireland Mortgages, are regulated by the Financial Regulator.
ICS Building Society confirms mortgage rate changes.
ICS Building Society have today 9th of April 2010 announced interest rate increases across their Owner Occupier and Buy to Let mortgages. These rate changes are effective from 16th of April 2010.
Owner Occupier Rates
Standard Variable Rate = + 0.50%
Variable LTV rates for new and existing business = + 0.60 %
Fixed rates for new and existing* business = + 0.50% – 0.70%
Buy to Let Rates
Variable rates for new and existing Buy to Let customers = + 0.10%
Fixed rates for new and existing* Buy to Let Customers = up to + 0.20 %
Investment Variable Rate, legacy rate not available to new or existing customers = +0.50%
QUOTE:
Commenting on the rate increases, Brendan Nevin, Managing Director, ICS Building Society said: The cost of funding mortgages has become increasingly costly, for example, we are paying more to customers for deposits than we are receiving for mortgages. As a result of this, our current mortgage pricing is unsustainable. While this increase is regrettable, we have no choice but to make this move.
ICS Owner Occupier Mortgage Rates.
Effective from start of business Friday 16th of April 2010.
| New Customers | New rate | New APR | % change. |
| Standard Variable Rate (not available for new or existing business) |
3.04% | 3.10% | + 0.50% |
| Variable LTV <50% | 2.95% | 3.0% | + 0.60% |
| Variable LTV 50%-80% >500k | 3.05% | 3.1% | + 0.60% |
| Variable LTV 50% – 80% <500k | 3.10% | 3.1% | + 0.60% |
| Variable LTV >80% >500K | 3.25% | 3.3% | + 0.60% |
| Variable LTV >80% <500K | 3.30% | 3.4% | + 0.60% |
| 1 year Fixed – FTB only | 3.05% | 3.3% | + 0.60% |
| 2 year fixed – FTB only | 3.35% | 3.4% | + 0.60% |
| 2 year fixed – Mover only | 3.45% | 3.4% | + 0.50% |
| 2 year fixed – All LTV’s | 3.69% | 3.4% | + 0.60% |
| 3 year fixed – All LTV’s | 3.99% | 3.6% | + 0.50% |
| 5 year fixed – All LTV’s | 4.59% | 4.0% | + 0.50% |
| Existing Customers Variable Rate | New rate | New APR | % change. |
| Existing Variable VRP15 | 3.30% | 3.4% | + 0.60% |
| Existing Customers Fixed Rates* | |||
| 2 year fixed | 3.70% | 3.4% | + 0.55% |
| 3 year fixed | 4.15% | 3.6% | + 0.55% |
| 5 year fixed | 4.95% | 4.2% | + 0.70% |
*Customers currently on a fixed rate will not be impacted by this rate increase. The existing fixed rate increases detailed here are for existing mortgage customers who now wish to move to a fixed rate.
ENDS
ICS Building Society is a member of the Bank of Ireland Group. ICS Building Society is regulated by the Financial Regulator.
Julie Sherlock
Group Communications
Bank of Ireland
Tel: 076 6234782
Mobile: +44 7702 668817
E: Julie.sherlock@boini.com