Bank of Ireland is raising its mortgage fixed rates and introducing a new term deposit account for business customers. This follows cumulative increases of 3.5% in European Central Bank rates since July 2022.
The 0.50% increase in the fixed rates is available to new and existing customers. This includes customers who are coming to the end of their fixed rate period and are seeking to re-fix their mortgage, and tracker rate or variable rate customers who wish to move to a fixed rate.
Variable rates and tracker rates remain unchanged.
Applicants who already have a credit approval and who draw down the mortgage by 5 May 2023, can still avail of the previous fixed rates.
Meanwhile, the bank is launching a new one-year term deposit account for business customers at 0.50%; capped at €250,000.
The mortgage rate changes are currently effective, while the new deposit account will be available from 18 April.