B of I raises cost of fixed-rate loan rates

Bank of Ireland is introducing higher interest rates on all its fixed-rate mortgage and residential investment loans from next…

Bank of Ireland is introducing higher interest rates on all its fixed-rate mortgage and residential investment loans from next Monday.

The bank said the rise in rates was because of the rise in cost of funds on the financial markets. The extent of the interest rate rise depends on the type and length of the loan.

A one-year fixed rolling loan has increased by 13 basis points and is now 3.8 per cent. For a customer with a €250,000 mortgage over 25 years this will mean an increase of €17 per month.

The three-year fixed rate has increased by 24 basis points leading to a rise of €33 per month of a mortgage of the same size and duration.