Haven to cut variable rates and pay €2k to switchers
Published 29/06/2016 | 02:30
Another mortgage lender is set to cut its rates in a boost for homeowners.
Haven, the AIB subsidiary, is to reduce its variable rate for existing customers by 0.35pc in a move that will save a typical borrower €35 a month, the Irish Independent understands.
This is the fourth cut in 20 months from Haven, which offers mortgages through brokers.
The lender was also reducing loan-to-value rates for new customers, and its buy-to-let rates, brokers said. The cuts come days ahead of a cut to AIB rates taking effect.
The variable rate for existing Haven customers will come down to 3.4pc at both Haven and AIB, with the Haven reduction taking effect from August.
A Haven owner-occupier customer with a €200,000 mortgage over 25 years will save €410 a year with the reduction.
The company is also lowering its loan-to-value rates for new customers. The new loan-to-value rates are to start at 3.1pc, and set to apply from July 19.
Haven is also introducing a €2,000 contribution towards professional fees for switchers.