KBC Bank Ireland announces changes to homeloans rates
15 April 2010
KBC Bank Ireland announces changes to homeloans rates
Dublin, IRELAND - April 15th 2010: KBC Bank Ireland’s homeloans division has today announced the introduction of revised interest rates for new and existing mortgage customers.
KBC Bank is to introduce increases in interest rates for Owner Occupier and Residential Investment mortgages. It has also announced its new facility for home purchase customers, a discounted variable rate, and a new 5 year fixed rate for Owner Occupier customers.
KBC Bank’s Owner Occupier Standard Variable rate will increase from 3.24% (APR 3.28%) to 3.65% (APR 3.71%), while the Residential Investment Standard Variable rate will increase from 4.29% (APR 4.37%) to 4.50% (APR 4.59%). These rate changes are effective from May 1st 2010.
KBC Bank’s discounted variable rate for new home purchase customers is designed to assist home purchasers by discounting its Standard Variable Rate by 0.55% for each of the first two years of the mortgage term.
KBC Bank has also revised its fixed rates with effect from April 19th 2010 for its Owner Occupier customers. These rate changes will not affect existing fixed rate customers for the remainder of their current fixed rate term. The increase in rates will only apply to existing mortgage customers who choose to move to a fixed rate.
John Delaney, Director, Homeloans division, KBC Bank Ireland, said: “The increases in our rates reflect the continuing pressures on the cost of funding to lenders. KBC Bank remains fully committed to providing mortgage finance in the Irish market and to offering its customers a range of competitive interest rates”.
The revised rates are summarised as follows:
|
|
Old Rate |
Revised Rate |
||
|
|
Gross Rate |
APR |
Gross Rate |
APR |
|
Owner Occupier Rates |
|
|
|
|
|
2 year new business fixed rate |
3.29% |
3.30% |
3.45% |
3.67% |
|
3 year new business fixed rate |
3.69% |
3.42% |
3.90% |
3.79% |
|
5 year new business fixed rate |
N/A |
N/A |
4.75% |
4.26% |
|
2 year existing business fixed rate |
3.99% |
3.39% |
3.99% |
3.78% |
|
3 year existing business fixed rate |
3.99% |
3.44% |
4.25% |
3.90% |
|
5 year existing business fixed rate |
N/A |
N/A |
4.95% |
4.36% |
|
owner occupier standard variable rate |
3.24% |
3.28% |
3.65% |
3.71% |
|
2 year discounted standard variable for home purchasers |
N/A |
N/A |
3.10% |
3.59% |
|
Residential Investment Rates |
|
|
|
|
|
residential investment standard variable rate |
4.29% |
4.37% |
4.50% |
4.59% |
|
3 year new & existing business fixed rate |
4.99% |
4.60% |
4.99% |
4.75% |
About KBC Bank Ireland:
KBC Bank Ireland plc is a wholly owned subsidiary of KBC Group NV, an integrated bancassurance organisation headquartered in Brussels, catering mainly for retail customers, small and medium-sized enterprises and private banking clientele. KBC holds leading positions in its key markets of Belgium and Central Europe as well as a selective presence in the rest of the world. KBC Bank Ireland has a strong presence in Ireland where it has been operating for over 30 years providing lending and investment services. KBC Bank Ireland provides services to new and existing mortgage customers in Ireland under the trading name ‘KBC Homeloans’. Headquartered in Dublin, KBC Bank Ireland has regional offices in Belfast, Cork, Galway and Limerick. Further information is available at: www.kbc.ie
For further information contact:
Anne Marie Collins, Marketing Manager
KBC Bank Ireland
T: (01) 664 6244
Laurie Mannix/Charles Hogan
MKC Communications
T: (01) 703 8609
