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Irish loan rates get cheaper

29 June 2005

Bank of Ireland Mortgages has announced rate reductions across its portfolio of home loan and investment fixed rate mortgage products.

The bank claims that the rate cuts, effective as of June 28th, now position its range of fixed home loan rates as one of the most competitive in the market. The rate cuts are a response to rumours of a further reduction in ECB interest rates.

The two, three, four, five, ten and 20-year fixed rates are available to new customers, as well as existing customers on a variable rate. The rate reductions vary from 0.16 per cent on a two-year fixed rate mortgage, to 0.5 per cent on a four or 20-year home loan.

The rate on a two-year fixed rate loan is now 3.39 per cent, 3.49 per cent for a three-year plan, 3.69 per cent for a four-year mortgage and 3.85 per cent for a five-year home loan. The ten and 20 year options now offer rates of 4.49 per cent and 4.99 per cent respectively.

Olive Moran, marketing manager for Bank of Ireland Mortgages, said: "We are delighted to announce that we have some of the most competitive rates in the market.

"These rates offer great value for money. We are also the only financial institution to offer a 20 year fixed rate mortgage," he added.