Bank of England increases base rate

What's changed

On Thursday 17 March 2022, the Bank of England announced an increase in its base rate from 0.5% to 0.75%.

On Thursday 5 May 2022, the Bank of England announced an increase in its base rate from 0.75% to 1%.

Variable rate mortgages

We’ll be increasing the Bank of Ireland variable rate by 0.25% from 1 June 2022.

We’ll be increasing variable rate mortgages indexed to the base rate by 0.25% from 1 June 2022, in line with existing terms and conditions. We’ll be writing to these customers from 19 May confirming their new rate and mortgage payment amount.

We’re working through what this means for TMW Managed Rates and other variable rates and will update you in due course.

Fixed rate mortgages

If you are on a fixed rate mortgage, nothing will change.

The interest rate and monthly payments stay the same until the end of the fixed deal.