It is the first time variable rates have been cut in years, despite the European Central Bank rate being cut twice this year. The ECB rate is now at a record low of just 0.15pc.
New and existing borrowers with AIB, EBS and Haven gain from the rate cuts.
Some 146,000 existing homeowners will set their payments go down, the bank said.
The move will mean savings of €330 a year for a family with an AIB variable mortgage of €200,000 over 25 years, the bank said.
http://www.independent.ie/business/...s-as-aib-ebs-cut-interest-rates-30705276.html
good news. I wonder is it worth fixing for 5 years though at 3.9% as AIB say their variable rate is not influenced by ECB lending rates .
AIB customers with an SVR mortgage will be paying 4.15% irrespective of their LTV. The type of mortgage you have is determined by the type you took out initially. If the initial LTV was > 80%, that is the rate you will be paying now, even if you have since reduced your LTV to <50%.
That's incorrect - it is possible to move between LTV bands by submitting an up to date valuation of your property. I did this at the end of 2013 on a mortgage with AIB.
The cut in the 5 year rate presumably signals further cuts in the variable rate in the near future?
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