Bank of Ireland to hike variable mortgage rates

The bank said this marks the first increase to its variable rates since the European Central Bank started raising interest rates in July 2022.

The ECB has increased interest rates by a cumulative 4.5% since it started its cycle of rate increases but kept euro zone interest rates steady at its latest meeting yesterday. Bank of Ireland said that for existing mortgage customers already on a variable rate, the change will be effective from December 8 2023.

For new or existing customers choosing a variable rate, the new rate is effective from today, it added.The lender noted that about 10% of its mortgage customers are on a variable rate.

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