Bank of Ireland raise interest rates

Last week the troubled lender, Bank of Ireland, announced that they were increasing the interest rate on residential and buy-to-let mortgages because of a need to hold more capital.

Around 13,500 customers have been affected by the changes with some customers now facing a doubling of their mortgage payments.

A number of Bank of Ireland customers affected by the recent increase to tracker mortgages have been offered £1,000 to leave the bank.

In addition to this, all customers affected by the recent rises have been told the lender will waive all early repayment charges if they want to leave the bank.