Bank of Ireland and ICS Building Society announce increases to Tracker and Fixed rate mortgages

Today, Thursday 7 April 2011, Bank of Ireland and ICS Building Society confirm that as a result of the 0.25% increase announced by the ECB, all Tracker rates will increase by 0.25% with effect from Wednesday 13th April, as per the terms and conditions of the tracker contract.

Also today, Bank of Ireland and ICS Building Society announce increases to their fixed rate mortgage product range. The increases of between 0.70% and 1.30% are across fixed rates for Owner Occupier and Buy to Let customers.

The new fixed rates will be effective from Friday 15th April 2011.

Commenting on the increases, Jonathan Byrne, Head of Mortgages ROI, Bank of Ireland explained: “Funding mortgages, including fixed rate mortgages, has become increasingly costly over recent months. As a result of this, our current fixed rate mortgage pricing is not sustainable. While we have resisted increasing rates until now, we have no choice but to make this move to ensure we remain open for business and continue to support our customers and the Irish economy going forward.”

Ends

Thursday 7 April 2011