Bank of Ireland cuts fixed mortgage rates - News at Best UK Mortgages - Wednesday, 29th June 2005

Bank of Ireland Mortgages has announced rate reductions across its mortgage products.

The bank claims that this move gives it one of the most competitive rates on the market and says that it is the only institution to offer a 20-year fixed-rate mortgage.

Four and 20-year mortgages have seen 0.50 per cent decreases, whilst three-year mortgage rates have been reduced by 0.30 per cent.

The one-year fixed rate for Home Loan business remains unchanged.

Olive Moran, marketing manager at Bank of Ireland Mortgages commented that the lower rates were caused by the reduced cost of fixed-rate funding.

She urged customers to take advantage of the offer, adding: "Our view is that it is unlikely that the ECB will drop interest rates and therefore it is only a matter of time before fixed rates start to creep up again."