IRELAND: Fixed mortgage rates to rise by 0.5% from today: Bank of Ireland

Bank of Ireland will raise fixed mortgage rates again today and introduce a new term deposit account for business customers, the bank said.

This follows a 3.5% increase in European Central Bank rates since July last year, the bank said. Bank of Ireland's fixed mortgage rates for new and existing customers will increase by 0.5% from today.

This includes customers coming to the end of their fixed rate term, variable rate customers who want to switch to their mortgage, tracker rate or a fixed rate. The bank's variable rates remain unchanged. Applicants who already have credit approval and withdraw their mortgage by May 5 can continue to benefit from the previous fixed rates,

Bank of Ireland has today announced the launch of a new one-year term deposit account for business customers at 0.50%. This will be capped at €250,000. The new investment account will be available from April 18. Overall, Bank of Ireland announced a 1.5% increase in its fixed rates since the ECB's first change in July.