Bank of Ireland mortgage rate rises

bad news?

bad news?

If you are a Bank of Ireland mortgage customer on a tracker rate you may feel you are about to become the victim of your own ‘bank robbery’.

With the recent announcement of a rise in tracker rates for Bank of Ireland borrowers of up to 2.74% it may seem more liking a mugging.

A residential borrower with a £200,000 mortgage can expect their monthly payments to rise by £373 per month.

A landlord would see similar sized buy to let mortgage payments to rise by £456 per month.

Just to recap:

Bank of Ireland tracker rates – residential

From a pay rate of 1.75% plus Bank of England base today, your rate will rise to BBR + 2.49% of 1st May 2013

On 1st October 2013 your rate rises again to BBR +3.99%

Bank of Ireland tracker rates – buy to let

From a pay rate of 1.75% plus Bank of England base today, your rate rises to BBR + 4.49% of 1st May 2013

The solution

The good news is that we understand the Bank of Ireland will not apply an early redemption charge to borrowers who can re-mortgage elsewhere.

So what options do you have to re-mortgage?

Residential

Rates are available today from as little as 1.99% fixed or you could take a long term 3.25% rate with no redemption penalty.

This would see the £200,000 borrower cutting up to a massive £416 per month off of their payments going forward.

Buy to let

Rates are available from 2.74% or you could take a standard variable rate of 3.99% with no early redemption penalty.

A landlord with a £200,000 loan could increase profit by up to £375 per month

to take action and save thousands on your mortgage click on the link below
help me away from Bank of Ireland

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