Bank of Ireland and Bristol & West mortgage rates to increase.

The Bank of Ireland and Bristol & West have just announced an increase to their mortgage rates. The news is yet another blow for those on lenders standard variable rates.

The bank is to increase its standard variable rate by 1.5 per cent, which is a much larger rate increase than those already announced by other lenders such as the Halifax and RBS.

As thousands more mortgage holders face a mortgage rates rise, a Deal Direct remortgage could be the way forward for those wanting to avoid increased mortgage payments.

Around 100,000 Bank of Ireland and Bristol & West borrowers have been sent letters advising them of the news. They have been warned to expect a huge rate increase from 2.99 per cent to 4.49 per cent. Those mortgage holders affected have been told that their repayments could increase by as much as 50 per cent from September 2012.

The Bank of Ireland advises that the increase will come in two stages. An initial mortgage rate hike will take rates up from 2.99 to 3.99 per cent in June and then a second stage rise will take rates up to 4.49 per cent from September.

The Bank of Ireland has said that increased funding costs are to blame for the decision.

For those mortgage-holders affected, Deal Direct can work on your behalf to source you a competitive remortgage deal. We are up to date on all UK remortgage providers latest rates and lending criteria and can source a competitively priced alternative on your behalf.

If you have been notified that your mortgage rates will increase do not panic but act now. Contact Deal Direct for an alternative deal.

Deal Direct can help you get the best remortgage deal available in the UK today.

Fill in our enquiry form opposite or telephone 0800 048 8828.