BOI increasing rates

[dino]

I just heard on the news that BOI and one of the other banks are increasing their standard variable rate and tracker rates due to turmoil in the market. I had a look online and I can't find any details.

Would now be a good time to start shopping around to switch? I have 2 mortgages and an equity release with BOI.

 

[plant43]

Only mentions BOI here

[broken link removed]

 

[csirl]

Would now be a good time to start shopping around to switch? I have 2 mortgages and an equity release with BOI.

If you have an existing tracker mortgage with BOI, the rate will not increase - both you and the bank are tied into ECB+X% for the duration of the mortgage (unless you both agree to change it). Will only apply to new mortgage applications from this point on.