Starting today, the Bank of Ireland is reducing its fixed mortgage rates by 0.5%, benefiting both new and existing customers with homes of any Building Energy Rating (BER) from A to G. The change lowers the 4-year fixed rate to a starting point of 3.1%, which, according to the bank, could save customers approximately ā¬1,000 per year on a ā¬300,000 mortgage compared to previous rates.
In a statement, Alan Hartley, the director of homebuying at Bank of Ireland, emphasized the broad applicability of the new rates: āThese reduced rates are available to all new and existing customers from today and they apply all the way up and down the BER scale, not just to those homes with the best energy ratings.ā
The bank is also introducing a new 1-year fixed-rate mortgage without a cashback option, starting at 3.3% for loans of ā¬250,000 or more. Notably, variable and tracker mortgage rates remain unchanged.
In addition to its mortgage adjustments, the Bank of Ireland has revamped its deposit offerings. A new 18-month āAdvantage Fixed Term Deposit Accountā has been launched with an Annual Equivalent Rate (AER) of 2.98%. Meanwhile, the 24-month fixed-term deposit account, previously offering an AER of 2.96%, will be discontinued. Customers using the new 18-month deposit account will be permitted to withdraw up to 25% of their savings balance during the term.
These measures indicate the bank’s commitment to providing competitive financial solutions amid evolving market demands.
