Significant rate rise for Bank of Ireland mortgage customers

Thu, 08 Mar 2012

A high number of Bank of Ireland mortgage customers could be about to face a significant hike in the interest rate they pay.

The Daily Telegraph reports that around 100,000 people in Britain will be affected by a 50 per cent increase in this regard.

Such an escalation is likely to add hundreds of pounds to the home loan costs many borrowers need to contend with on a monthly basis.

The bank has announced its standard variable rate will be altered after its introductory offer comes to an end - jumping an additional 1.5 percentage points from its current standing of just below three per cent.

Those likely to be most affected by the move will be borrowers with Bristol and West and people with Bank of Ireland-branded agreements.

However, Post Office customers will not be impacted by the alterations, despite the organisation's home loans being provided by the lender.

People have a little while to get used to the interest rate climb, as the process is to be carried out in two stages - a one percentage point leap will occur in June, followed by a 0.5 percentage point elevation in September.

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