BANK OF IRELAND has announced a 0.5% cut to its fixed mortgage rates beginning today. 

The cut applies to new and existing customers and covers all homes with a Building Energy Rating (BER) from A to G. 

“The reduction announced today means that a 4-year fixed rate is available from as low as 3.1% (dependent on BER), representing an annual saving of approximately €1,000 on a €300,000 mortgage when compared to the previous 4-year fixed rates,” the bank said in a statement. 

Bank of Ireland also said it is introducing a new 1-year fixed-rate product (no cashback) with rates starting from 3.3% for mortgages of €250,000 and over.*

Alan Hartley, director of homebuying at Bank of Ireland, said the 0.50% cut “is being applied to our full suite of fixed rate products”. 

“These 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.”

There is no change to the bank’s variable and tracker rates.

The bank has also announced two changes to its deposit offering from today, introducing a new 18-month ‘Advantage Fixed Term Deposit Account’ with an Annual Equivalent Rate (AER) of 2.98%. 

Bank of Ireland is also removing its 24-month fixed-term deposit with an AER of 2.96%.

Withdrawal of 25% of the savings balance is “access permitted during the term of the Advantage Fixed Term Deposit Account”, the bank said.