Bank of Ireland increase variable mortgage rate

Bank of Ireland increase variable mortgage rate

Bank of Ireland and its subsidiary ICS Building Society have confirmed that they will be increasing their variable mortgage rates for owner occupiers and buy to let customers by 0.5% a year.

Customers have been receiving letters today notifying them of the change, which will add an extra €27 a month to a mortgage of €100,000 over 24 years.

The change will come into effect for existing customers on October 24th after being increased for new customers from the end of August.

The bank said that the increase was “regrettable but necessary, due to the continuing high cost of funding and deposits and the need to return the bank to profitability.”

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