Bank of Ireland borrowers set for rate rise

by Aaron Strutt

Nov 11 2011

Around 14,000 mortgage customers with Bank of Ireland are set to see their mortgage repayments increase from 2.99% to 4.79% - after their home loans were sold to Nationwide Building Society.

Last month, The Mortgage Works (TMW), which is part of the Nationwide Building Society, acquired a book of £1.1 billion mortgages from the Bank of Ireland.

TMW have said that they will give borrowers plenty of notice about the increased repayments, although borrowers unable to remortgage to another lender could struggle.

For those in a position to swap banks - Trinity Financial can access NatWest's two-year remortgage rates - their lowest two-year tracker is 2.29% and their fixed rate is 2.55%. Both mortgages have a £1,499 arrangement fee and require a 40% deposit.

11 November 2011