Bank of Ireland launch new 10 year fixed mortgage rate at 4.99%

Tuesday 02 September 2014 18.40
Bank of Ireland offering new 10 year fixed mortgage rate
Bank of Ireland offering new 10 year fixed mortgage rate

Bank of Ireland is offering their mortgage customers the opportunity to fix their home loan repayments for 10 years at 4.99%.   

The bank said the new offer is available to new and existing customers, regardless of the loan to value ratio of their mortgage.

Bank of Ireland's mortgage customers can also choose from the bank’s range of one, two, three and five fixed rate options. 

For those looking to retain flexibility, Bank of Ireland also allows customers to fix just a portion of their mortgage and keep the remainder on a variable rate.

"It combines the benefits of certainty of repayments with the flexibility of a variable mortgage," Bank of Ireland's Head of Mortgages Aine McCleary said.

"The borrower can choose the portion they want to fix, whether that’s 80% or more, or as little as 10%," she added.

She said that so far this year, almost a third of Bank of Ireland mortgage customers have opted for one of its fixed rate products, and the proportion is higher among its first time buyer customers with 43% choosing to fix. 

"It shows that younger mortgage customers in particular are opting for the certainty that comes with fixed rate mortgages," Ms McCleary stated.