Bank of Ireland have today anounced cuts of up to 0.30% in fixed mortgage interest rates available to both new and existing customers. 

The bank claims that today's announcement confirms their competitive offering in the market starting from 3.60%. All fixed rate offers from 1 to 5 years are between 3.60% and 3.95%, and for every variable rate customer there is a competitive fixed rate which could save them money. 

Existing customers on variable rates, or coming to the end of their current fixed rate period, can apply for the Bank’s two, three, five and ten-year fixed rate options.  Bank of Ireland is also cutting its 10 year fixed rate by 0.30% - this is the only 10 year fixed rate in the Irish market.

Head of Mortgages at Bank of Ireland, Aine McCleary said, "At the end of 2014 fixed rate mortgages accounted for 9% of Bank of Ireland’s outstanding mortgage balances. However, in the first quarter of 2015 alone, approximately 50% of our new mortgage customers have chosen a fixed rate. This shows how more and more customers are choosing the certainty and stability of fixed repayments, especially in the current low interest rate environment. 

This is the second mortgage rate cut from Bank of Ireland this year. In January we communicated with our variable rate customers advising them of our new rate offers, and we will be doing so again. 

We are building on the significant momentum underway in meeting the needs of Bank of Ireland's existing and new mortgage customers. Our €2 billion mortgage fund that we launched last year is now fully subscribed and earlier this year we launched a further €2.5 billion fund to meet customer demand for new mortgages."  

Source: www.businessworld.ie