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BIM launches new range of low rate mortgages

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  • 01/02/2001
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Bank of Ireland Mortgages (BIM) has launched a new range of mortgages with reduced rates. Commenting...

Bank of Ireland Mortgages (BIM) has launched a new range of mortgages with reduced rates.

Commenting on the launch Debbie Staveley, PR officer at BIM, said: “We wanted to start the year on a high note and we are anticipating cuts in the mortgage rate in the coming year. Hopefully these cuts should make it easier for brokers to sell more mortgages.”

In particular the range is aiming to attract the growing remortgage market. “People tend to be strapped for cash after Christmas and desperately need to save money. Remortgaging is an excellent way of doing this.’

The range includes a new capped rate at 4.39% for one year followed by bank base rate for a year. For those looking for the security of fixed payments it has launched a five year fix at 5.49% on loans over £100,000 and 5.69% for loans up to this sum.

For the first time the bank has also launched a ‘lifetime value’ deal which pledges to track base rates with a rate of 0.65% over bank base rate for the full term of the mortgage.

In addition to its core range the lender has also introduced a range of specialist mortgage deals. These include a self-certification mortgage capped at 5.85% for two years with no redemption overhang and a unique flexible mortgage that allows borrowers to take part of their loan from a core range product and part on the lender’s flexible product.

The range also offers a buy-to-let mortgage for borrowers looking to invest in property with another five year fix at 5.69%.

l NewWorld, the UK arm of the Commonwealth Bank of Australia has also reduced its rates across the range, despite interest rates remaining stable. The two year fix on its owner occupier and buy to let mortgages have fallen from 6.45% and 6.60% to 6.30% and 6.45% respective. The remainder of the range have all been reduced by 0.10%.

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