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Bank of Ireland, College Green, Dublin Alamy Stock Photo
Mortgage Holders

Bank of Ireland raises variable mortgage rates by 0.25%

Meanwhile, the ECB is keeping interest rates steady for the first time since July 2022.

BANK OF IRELAND has announced a 0.25% increase to its variable mortgage rates, coming into effect today.

It follows the European Central Bank’s (ECB) decision to hold interest rates steady for the first time since July 2022.

For existing Bank of Ireland mortgage customers already on a variable rate, the change will be effective from 8 December 2023.

Fixed and tracker rates are to remain unchanged.

To date, Bank of Ireland has increased fixed rates by 1.75% for new mortgage customers and 1.25% for existing mortgage customers.

Tracker rates have risen in line with ECB rates.

This is the Bank’s first change to its variable rates since the ECB started raising interest rates in July 2022. 

Eurozone inflation has started to settle in recent months, falling to 4.3% in September from its double-digit peak towards the end of last year.

While the figure is still more than twice the ECB’s target of 2%, rising borrowing costs have also shown signs of weighing on the currency bloc.

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