BANK OF IRELAND MORTGAGES INTRODUCE NEW 12 MONTH DISCOUNT HOMELOAN MORTGAGE PRODUCT
Bank of Ireland Mortgages today, Friday, August 20th, 2004, announced details of a new 12 month discount homeloan tracker mortgage product. The highly competitive rate is ECB repo rate + 0.5% for the first 12 months, which is 2.5% at today's ECB repo rate. The APR is 3.25%. This discount tracker is unique in Ireland and offers a longer term guarantee by automatically rolling to the tracker rate of ECB Repo rate + 1.30% (3.30% at today's ECB repo rate). This is the lowest discount variable rate in the market. The Tracker50 is available for drawdowns until end of December 2004.
Bank of Ireland also announced rate adjustments on two, three and five year fixed rate mortgages for both new and existing customers to reflect the sustained changes in the cost of funds over the last number of weeks. Investor mortgage rates have also been adjusted accordingly.
See tables below for rate adjustments on both Homeloan and Investor Mortgages.
Bank of Ireland's Home Loan Fixed and Variable Rate Adjustments for new customers:
| Product | Rate | Home Loan APR |
| Discount Homeloan tracker 50 | 2.50% | 3.25% |
| 2 Year Fixed | 3.75% | 3.68% |
| 3 Year Fixed | 4.19% | 3.84% |
| 5 Year Fixed | 4.69% | 4.19% |
Bank of Ireland's Home Loan Fixed and Variable Rate Adjustments for existing customers:
| Product | Rate | Home Loan APR |
| 2 Year Fixed | 3.75% | 3.68% |
| 3 Year Fixed | 4.19% | 3.84% |
| 5 Year Fixed | 4.69% | 4.19% |
Bank of Ireland's Investor Fixed and Variable Rate Adjustments for new customers:
| Product | Rate | Home Loan APR |
| 2 Year Fixed | 4.25% | 4.20% |
| 3 Year Fixed | 4.69% | 4.35% |
| 5 Year Fixed | 5.19% | 4.71% |
Bank of Ireland's Investor Fixed and Variable Rate Adjustments for existing customers:
| Product | Rate | Home Loan APR |
| 1 Year Fixed | 4.00% | 4.15% |
| 2 Year Fixed | 4.25% | 4.20% |
| 3 Year Fixed | 4.69% | 4.35% |
| 5 Year Fixed | 5.19% | 4.71% |
The rate adjustments are effective from commencement of business on Monday, August 23rd, 2004.
Ends
For Reference:
Gerry Prizeman
Head of Market Management
Bank of Ireland Mortgages
01 6113529
Olive Moran
Marketing Manager
Bank of Ireland Mortgages
01 6113525
Mary Brennan
Group Corporate Communications
01 6043838