AIB to cut mortgage rates by up to 0.25%

AIB is to cut mortgage rates by up to 0.25% from the start of December.

The standard variable and Loan to Value rate reductions will apply to mortgage from AIB, EBS and Haven and will be available to new and existing customers.

The bank said the change would impact 146,000 existing mortgage account holders.

The cut will see the bank's standard variable rate fall to 4.15% from 1 December, with EBS' rate dropping to 4.33% and Haven's falling to 4.35%.

Meanwhile Loan to Value rates at AIB and Haven will fall by 0.24%, with EBS rates falling by 0.25%.

This means that a LTV mortgage of 80% or more will be charged at a rate of 4.25% by AIB and Haven, and 4.2% by EBS.

A LTV mortgage below 50% will have a rate of 3.85% at AIB and Haven or 3.8% at EBS.

The banking groups' fixed mortgage rates are also set to be reduced from the start of December, with the one-year rate for existing business falling to 4.15%.

A five-year fixed rate at any of the three lenders within the AIB Group will fall to 3.9%, from a previous level of 5.2%.

AIB's director of personal, business and corporate banking, Bernard Byrne, said the bank was able to make these reductions "due to the bank's underlying positive performance and funding cost reductions".

He added that the new fixed rate pricing would "provide better value and certainty for customers.''

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