BoI and Ulster Bank rule out cuts to variable mortgage rates
It seems unlikely that Bank of Ireland will give in to pressure in the short term and reduce variable mortgage rates.
Variable rate holders should check if they will qualify with another lender. While the new Central Bank rules do not apply to switchers,the profile of successful applicants is likely to be as follows.
Loan to value 80%
Maximum loan typically not more than 3.5 times income
Good credit history
Secure permanent employment