Bank of Ireland raises variable mortgage rates

Updated: 22:36, Tuesday, 3 August 2010

Bank of Ireland has announced it is to increase its standard variable mortgage rate by 0.45% to 3.49%.

1 of 1 Bank of Ireland No further increase planned in 2010
Bank of Ireland
No further increase planned in 2010
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Nine News: David Murphy, Business Editor, reports that the move by Bank of Ireland is the second time this year the financial institution has put up rates
Nine News: David Murphy, Business Editor, reports that the move by Bank of Ireland is the second time this year the financial institution has put up rates
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Nine News: David Murphy explains the impact today's news is likely to have, and examines what EU approval of the first transfer of loans to NAMA means for Ireland and AIB in particular
Nine News: David Murphy explains the impact today's news is likely to have, and examines what EU approval of the first transfer of loans to NAMA means for Ireland and AIB in particular

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The move will also apply to new fixed-rate mortgages.

Its building society, ICS, is putting up its rates by 0.6%

The move will increase standard variable mortgages for 44,000 Bank of Ireland customers.

Borrowers who are affected generally have smaller, older mortgages.

The bank said the average home loan to be affected is €80,000 and the average increase in repayment will be €14 per month.

It said it will not increase rates again this year unless the European Central Bank raises rates.

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