Posted 10/27/2023, 2:34:54 PM
Bank of Ireland Increases Mortgage Rates for 30,000 Customers, First Hike Since ECB Started Raising Rates
- Bank of Ireland increased variable mortgage rates by 0.25% starting Dec 8, affecting about 30,000 customers
- This is the first rate hike since the ECB started raising rates in July 2022 (now up 4.5% cumulatively)
- Bank of Ireland holds 40% of the Irish mortgage market of 750,000 mortgages
- Experts say more rate hikes are expected from Irish banks to pass on ECB increases
- Bank of Ireland has also already raised fixed rates for new and existing mortgage customers