Bank of Ireland to raise interest rates by 0.25% for new fixed rate mortgages

• No change to rates for existing mortgage customers
• No change to variable or tracker rate mortgages
• New mortgages drawn down by 9 December 2022 can still avail of the lower rates

10 November 2022: In light of recent interest rate increases by the European Central Bank, Bank of Ireland has increased fixed rates for new mortgages by 0.25%.

The new fixed-rates are effective immediately, and apply to customers who draw down new mortgages from the Bank. However, new customers who already have a written quote from the Bank for a lower fixed rate, and who draw down a new mortgage by 9 December 2022, can avail of the lower rate up to that date.

The Bank’s variable and tracker rates are not affected by this change.

There is no change to the rates available for our existing mortgage customers. Existing fixed-rate mortgage customers who may be coming to the end of their current fixed-rate period and are considering re-fixing can still avail of these unchanged fixed rates. Similarly, existing variable or tracker customers who choose to opt for a fixed rate can still avail of these unchanged fixed rates.

As is the case with all rate matters, this approach will continue to be kept under review. Any change in the future will be clearly communicated at that time.

Alan Hartley, Director of Home Buying said: “In light of recent interest rate increases by the ECB, Bank of Ireland is today announcing an increase to new fixed rate mortgages of 0.25%. This increase applies only to new mortgages. Customers with existing mortgages with Bank of Ireland and who are considering re-fixing can still avail of unchanged fixed rates.”