What has changed
On Thursday 3 February 2022, the Bank of England announced an increase in its base rate from 0.25% to 0.5%.
Variable rate mortgages
We’ll be increasing variable rate mortgages indexed to the base rate by 0.25% from 1 March 2022, in line with existing terms and conditions.
Variable rate mortgages originally taken out with the Bank of Ireland will also increase by 0.25% from 1 March 2022.
All other variable rates, including the TMW Managed Rates, will remain unchanged.
Fixed rate mortgages
If your client is on a fixed rate mortgage, nothing will change.
The interest rate and monthly payments stay the same until the end of the fixed deal.