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News : Property Last Updated: May 4, 2015 - 10:25 AM

AIB cuts Irish variable mortgage rates
By Michael Hennigan, Finfacts founder and editor
May 1, 2015 - 8:27 AM

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AIB Group today announced a number of reductions to its mortgage rates for owner occupier and buy-to-let mortgages. These include a cut of 0.25% for AIB Standard Variable Rate (SVR) customers and 0.38% for EBS and Haven SVR customers. The bank also announces reductions in Loan to Value (LTV) and Fixed Rate mortgages across AIB, EBS and Haven.

These rate reductions will apply to both new and existing customers.

The banks have come under pressure in recent months to lower high standard variable rates of as high as 4.5% while the ECB benchmark rate is close to zero. People on tracker mortgages that are linked to the ECB rate have benefited from ECB interest rate reductions from a level of 4.25% in mid 2008.

The lower SVR rates come in to effect from early June, while the revised fixed rates will be introduced next week.

AIB said this is the second time in the past six months that AIB Group has reduced its mortgage rates for new and existing customers.

Bernard Byrne, AIB’s director of retail and business banking, said: “AIB’s second reduction in mortgage interest rates in six months reflects the Bank’s improved financial performance. We committed to keeping mortgage rates under review and to reduce these rates for both new and existing customers as soon as our funding conditions allowed. We now have a clearer view of our financial position and we are able to pass on the benefits.’’

The latest move significantly benefits approx. 158,000 mortgage account holders. For example, AIB customers with a €200,000 mortgage will save an additional €329 per annum, based on a 25 year term, whilst EBS/Haven SVR customers will save €508 per annum.

Existing SVR Customers who choose to move to a three year fixed rate option (3.65%) can achieve savings of €654 per annum with AIB, and €900 per annum with EBS. The bank will now offer 3.65% for a three year fixed and 3.80% for a five year fixed rate.

New and existing customers will also benefit from reduced pricing across all LTV rates as AIB, EBS and Haven cut these rates by 0.25%.

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