advice
Bank of Ireland drop fixed rates
Bank of Ireland have dropped rates for a range of fixed rate products. It’s 2, 3 and 5 year fixed rates now range between 5.20% and 5.65% depending on term and loan to value (the loan value as a proportion of the property price).
These new rates propel Bank of Ireland up the price rankings in these loan categories and are widely seen as a response to earlier rate cuts by AIB and other providers. At the start of the month Bank of Ireland also introduced five new variable LTV-based products ranging from 5.30% to 5.65%, again depending on the customer’s loan to value. Rates have also been dropped for residential investment loans.
Separately, in review of the Irish property market, the bank chief economist said the housing market was still in the “throes of correction”. He noted, however, that while house prices were down by 9.4% in the year to July and were now at levels last seen in November 2005, the rate of price falls has decreased with the monthly fall just 0.2%.
Mycash.ie says: “Bank of Ireland’s initiatives in the mortgage market this month signal its intention to hold onto market share (it is the country’s biggest home lender). These rates for new business are certainly competitive but it can be expected that applicants will be subject to stringent loan approval criteria.”
For the latest mortgage rates, including Bank of Ireland’s new product offerings, go to the Mortgage comparison page.
Markets slide ‘may be pension opportunity’
Investment funds are feeling the effects of a weakening stock market. The Hewitt Associates Managed Fund Index fell by over 11% in the first quarter of the year. The same quarter saw a decline in world equities of 16.1% and Irish equities falling 10%.
With the Irish Stock Exchange index (ISEQ) falling below the psychologically significant 5,000 mark, many holders of investment products are understandably fearful of the consequences (pension holders approaching retirement in particular). But the fall in global stock markets may present an opportunity for courageous investors with a long term perspective.
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