If you are an existing mortgage client of Bank of Ireland we thought we would take this opportunity to provide you with your options.

Bank of Ireland is looking to increase its SVR from the current 2.99% for its existing mortgage customers to 4.49% within the next few weeks – A massive increase of 1.5%. The SVR will increase by 1% on the 1st June and then by a further 0.5% in September.

What would this increase mean to existing Bank of Ireland mortgage customers?

Any rise on your existing SVR will mean an increase in your monthly mortgage cost. If we assume the full increase of 1.5% this would mean you would pay an additional £12.50 per month for every £10,000 borrowed. A £100,000 mortgage payment would therefore increase by £125 per month.

What are your options?

As an existing Bank of Ireland mortgage account holder you have 3 options and they are:

  • Accept the new SVR and remain on this rate until such time as you decide to secure a new mortgage deal
  • Contact Bank of Ireland and ask if they will offer you any other rates as an existing client of theirs
  • Look at a new mortgage deal from a new mortgage lender.

What to do next

If you would like to see what is available from a different lender in the current mortgage market place, simply contact us and one of advisers will look at the options available to you.

The result of a chat with us is that we will either tell you that you will be better off staying with Bank of Ireland or show you a cheaper alternative? What have you got to lose..?