Bank of Ireland is the latest lending institution to cut its fixed home loan rates, reducing its one-year fixed rate mortgage from 6.20 per cent to 5.90 per cent with effect from January 28th.

The bank is offering a two-year fixed rate of 6.30 per cent or £7.32 per £1,000 per month borrowed over a 20-year period while the three-year rate has been reduced to 6.45 per cent or £7.41 per £1,000 per month. The new rates apply to loans that are less than or equal to 80 per cent of the value of the property purchased.