Bank of Ireland (BOI) recently cut its fixed-rate mortgages. Naturally, the larger reductions are on the longer term fixed rates with the 10-year fixed reduced by 0.3 per cent to 5.95 per cent.

The five-year fixed now stands at 5 per cent, a reduction of 0.2 per cent but a discount in the first year to 4.75 per cent is available. A three-year fixed with BOI is now 4.85 per cent, a reduction of 0.25 per cent. One- and two-year fixed rate mortgages are 4.40 and 4.95 respectively. A 20-year fixed rate is also available at 6.49 per cent.

Variable rate customers at BOI will now be offered the same rate of 5.34 per cent, regardless of whether they borrowed more or less than 80 per cent of the value of their property.