"Bank of Ireland and PTSB hold off on higher rates as ECB hikes again"

Paul F · 27 Oct 2022

Bank of Ireland and PTSB hold off on higher rates as ECB hikes again

Lenders are alone in not raising non-tracker rates in recent months

www.irishtimes.com

Bank of Ireland, currently led by interim chief executive Gavin Kelly, said that, aside from the automatic increase on ECB-tracker mortgage rates, “no decision has been made in relation to other products”.

“The bank continues to keep all rates under ongoing review, and will clearly communicate any future rate change decisions at the appropriate time,” it said.

Permanent TSB (PTSB) is also keeping its rates under review, a spokeswoman for the bank said. “The bank is committed to offering rates that are competitive and will continue to keep its fixed and variable mortgage rates under review as market conditions evolve,” she said.

Fingers crossed they continue to hold off. There is little justification for them raising mortgage rates while they continue to pay very low rates on savings accounts. (They fund their mortgage lending from customers' deposits, not from the markets.)

Rozzer1 · 7 Nov 2022

@Brendan Burgess Thinking of changing from tracker to a fixed rate, but if BOI increase their fixed rate from the time I submit my Mortgage Form of Authorisation to the time they apply the fixed rate to the loan do you have to stick with new rate even though you didn’t sign up for that rate? Eg if you sign up for 3% fixed for 5yrs and then it goes up to 3.5% during the application process, can you then decide to stick with your tracker?

PebbleBeach2020 · 7 Nov 2022

Don't you have a 14 day cooling off period to change back??

Rozzer1 · 8 Nov 2022

PebbleBeach2020 said:
Don't you have a 14 day cooling off period to change back??

dont see that in the documents, says 14days to decide but they also say rates can change during those 14days!?
if cooling off period that would be perfect.

"Bank of Ireland and PTSB hold off on higher rates as ECB hikes again"

Paul F

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