Bank of Ireland and ICS increase mortgage rates

Bank of Ireland announces mortgage rate changes and confirms no further increases planned in 2010

Bank of Ireland today, Tuesday 3rd August 2010, announced interest rate increases to their Owner Occupier and Buy to Let mortgages. These rate changes are effective from Tuesday 10th August 2010.

Owner Occupier Rates
Standard Variable Rate = + 0.45%
Variable LTV rates for new and existing business = + 0.25%
Fixed rates for new and existing* business = + 0.25%
Buy to Let Rates
Investment Variable rate = + 0.45%
Variable rates for new and existing business = + 0.15%
Fixed rates for new and existing* business = + 0.15%
Commenting on the rate increases, Brendan Nevin, Director of Consumer Lending, said: “Funding mortgages has become increasingly costly. For example, we are paying more to customers for deposits than we are receiving for mortgages. As a result of this, our current mortgage pricing is unsustainable. While any increase is regrettable, we have no choice but to make this move to ensure we remain open for business and continue to support our customers and the Irish economy going forward. At this point, we do not envisage further mortgage rate increases in the current year outside of ECB moves.”
*Customers currently on a fixed rate will not be impacted by this rate increase. The existing fixed rate increases detailed here are for existing mortgage customers who now wish to move to a fixed rate.

New Customers
New rate
New APR
% change.
Standard Variable Rate
(not available for new or existing business)
Variable LTV <50%
Variable LTV 50%-80% >500k
Variable LTV 50% - 80% <500k
Variable LTV >80% >500K
Variable LTV >80% <500K
1 year Fixed – FTB only
2 year fixed – FTB only
2 year fixed – Mover only
2 year fixed – All LTV’s
3 year fixed – All LTV’s
5 year fixed – All LTV’s
Existing Customers Variable Rate
BOI Existing Variable VRP15
Existing Customers Fixed Rates*
2 year fixed
3 year fixed
5 year fixed











Bank of Ireland and Bank of Ireland Mortgage Bank, trading as Bank of Ireland Mortgages, are regulated by the Financial Regulator.

ICS Building Society confirms mortgage rate changes and has no plans for further increases in 2010

ICS Building Society today, Tuesday 3rd of August 2010, announced interest rate increases to their Owner Occupier and Buy to Let mortgages. These rate changes are effective from Tuesday 10th of August 2010.

Owner Occupier Rates
Standard Variable Rate = + 0.60%
Variable LTV rates for new and existing business = + 0.35%
Fixed rates for new and existing* business = + 0.35%

Buy to Let Rates
Variable LTV rates for new and existing Buy to Let customers = + 0.25%
Fixed rates for new and existing* Buy to Let Customers = up to + 0.25%
Investment Variable Rate, legacy rate not available to new or existing customers = +0.60%

Commenting on the rate increases, Brendan Nevin, Managing Director of ICS Building society, said: “Funding mortgages has become increasingly costly. For example, we are paying more to customers for deposits than we are receiving for mortgages. As a result of this, our current mortgage pricing is unsustainable. While any increase is regrettable, we have no choice but to make this move to ensure we remain open for business and continue to support our customers and the Irish economy going forward. At this point, we do not envisage further mortgage rate increases in the current year outside of ECB moves.”

*Customers currently on a fixed rate will not be impacted by this rate increase. The existing fixed rate increases detailed here are for existing mortgage customers who now wish to move to a fixed rate.

ICS Building Society is a member of Bank of Ireland Group. Bank of Ireland and ICS Building Society are regulated by the Financial Regulator.



New Customers
New rate
New APR
% change.
Standard Variable Rate
(not available for new or existing business)
Variable LTV <50%
Variable LTV 50%-80% >500k
Variable LTV 50% - 80% <500k
Variable LTV >80% >500K
Variable LTV >80% <500K
1 year Fixed – FTB only
2 year fixed – FTB only
2 year fixed – Mover only
2 year fixed – All LTV’s
3 year fixed – All LTV’s
5 year fixed – All LTV’s
Existing Customers Variable Rate
Existing Variable VRP15
Existing Customers Fixed Rates*
2 year fixed
3 year fixed
5 year fixed

thanks for the info brendan... but i don't really follow...

can you tell me what the new rates are... i can't understand bellow... ie, for boi, what's the new fixed rate for existing customers... 3.75? what's the +0.25%... do you add that to the first number or the second?

i rang boi yesterday, and they said the fixed rates, for existing customers were.

2 year, 3.50

3 year, 3.95

5 year, 4.75

what's the new 5 year rate... 5%?

Existing Customers Fixed Rates*
2 year fixed
3 year fixed
5 year fixed

I cut and pasted from an email, so the table format is all gone.

Brendan