Good News for Bank of Ireland Mortgage Customers

Michael Curtin QFA, Managing Director at MC Financial

Bank of Ireland announced on Monday, a reduction of fixed and variable mortgage interest rates.  The bank has also announced a new €2.5 billion mortgage fund, and the extension of its stamp duty offer to the end of 2015.

Today’s announcement includes a cut in the fixed rates for new customers ranging from 3.80% for a 2 year fixed period to a 10 year fixed rate from 4.50% – these fixed rates can also be applied for by existing customers on variable rates or coming to the end of their current fixed rate term.  At the moment, Bank of Ireland is the only bank currently offering a 10 year fixed rate.

In addition to the range of new lower rates, the bank has extended this stamp duty offer for a further 12 months to 31 December 2015. According to industry statistics (BPFI data Q3 2014), the average mortgage taken out by someone moving house is €224,431, which makes this offer worth over €2,200 to the average customer moving to a new home.

Mortgage Rates

New Business – Owner Occupier (Effective Immediately)

Pricing Matrix
Variable
<60% loan to value (LTV) 3.90%
61% – 80% LTV 4.20%
>80% LTV 4.50%
Fixed
2 year <75% LTV 3.80%
2 year >75% LTV 4.00%
3 year <75% LTV 3.85%
3 year >75% LTV 4.00%
5 year <75% LTV 3.95%
5 year >75% LTV 4.15%
10 year <75% LTV 4.50%
10 year >75% LTV 4.70%

Existing Business – Owner Occupier (Effective 1 February 2015)

Fixed
2 year <75% LTV 3.80%
2 year >75% LTV 4.00%
3 year <75% LTV 3.85%
3 year >75% LTV 4.00%
5 year <75% LTV 3.95%
5 year >75% LTV 4.15%
10 year <75% LTV 4.50%
10 year >75% LTV 4.70%
Roll-to rate at end of fixed period (variable)

LTV <75%*

4.30%
Roll-to rate at end of fixed period (variable)

LTV >75%

4.50%

*On receipt of an up to date valuation.

Are you thinking of applying for your first mortgage or looking to move? Talk to Michael today by calling 01 822 8022 or by emailing michael@mcfinancial.ie. You can also fill out our mortgage enquiry form and a member of our team will be in touch to discuss your application shortly.

For more top tips on how a mortgage broker can help you on the road to your first home, check out the MC Financial First Time Buyers Guide.

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