Daft Property - Irish Property News

Blow for homeowners as BoI to hike mortgage rate... BANK of Ireland will today reveal that it is increasing mortgage rates for thousands of hard-pressed homeowners. The move comes despite the European Central Bank (ECB) leaving its rates unchanged yesterday -- for the 11th month in a row. Homeowners who are vulnerable to rising mortgage rates are now being warned that they have seven days to act. Experts are advising new buyers -- as well as those who are coming off a fixed rate or are on a standard-variable rate -- that they should lock in now. Bank of Ireland (BoI) and its subsidiary, ICS -- which between them have one in four mortgages in the country -- are to announce that they are increasing their standard-variable rates for existing customers by 0.5pc. They are also raising fixed rates by up to 0.7pc for existing customers who want to fix, the Irish Independent has learned. The change in the standard-variable rates will add €80 a month to the repayments of someone on a €300,000 m...