European Central Bank rate change – Bank of Ireland statement
Following today’s confirmation by the European Central Bank that it is implementing a 0.5% interest rate hike, the Bank of Ireland is announcing a number of interest rate changes.
Tracker mortgage rates will increase by 0.5% for all Tracker mortgage customers
For most customers, this change will take effect from August 10
The Bank of Ireland will write to all tracker mortgage customers to confirm the new interest rate, effective date and new repayment amount.
Where negative interest rates are currently applied to customer balances, this will end
This change will take effect from August 3
All other products are not affected.
Customers do not have to do anything at this time. Bank of Ireland will write to them to confirm the new interest rate, effective date and new repayment amount.
Customers paying their mortgage by direct debit will not need to do anything as the direct debit for the mortgage will change automatically.
Questions and answers :
I pay my mortgage by direct debit. What should I do ?
Your mortgage direct debit will change automatically, so you don’t have to do anything.
I pay by standing order. How do I change my standing order?
Standing orders do not automatically increase when mortgage rates increase. So don’t forget to increase your standing order to the amount of your new refund before your next payment is due.
You can do this as soon as you receive the letter with your new refund amount. Simply complete the form in the letter we send to you and return it to us.
You can also log into your banking app (for the account you are paying your mortgage from) and increase your standing order amount there.
Where can I find more information?
Bank of Ireland has developed a detailed Q&A for customers which is available on its website. Search for “Bank of Ireland BCE Rate Change” to access this information.
Bank of Ireland Group plc published this content on July 21, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Jul 21, 2022 3:33:23 PM UTC.