Bank of Ireland raise rates again!
Following on the recent moves by other lenders,Bank of Ireland Group today raised mortgage interest rates.
Based on a 25 year term,the rate rise will increase monthly payments for variable rate holders by approximately €25 per €100,000 borrowed .Our mortgage calculator will be updated over the coming days as we receive detailed information.
Many mortgage holders will consider switching provider .Unfortunately it is likely that all lenders will follow through with some increases and we need to wait a week or so to see the full picture.
If you are considering switching, the following criteria should be borne in mind:
- The maximum remortgage available is 80% of the current value of your home
- As a general guide the new mortgage should not exceed of 4.5 times your current annual salary
Today's development brings the bank's standard variable rate up to 3.49%. This is still low when compared to average variable rates over the past 7 years of approx 4.5%.
As rates continue to rise we would recommend that you pay close attention to planning your finances for the years ahead.You may ,for example,need advice on whether or not to fix rates for whether to seek a more competitive life policy etc .
If you would like independent advice feel free to call us at your convenience.