Wednesday 18 July 2018

EBS to cut fixed rates to heap pressure on rivals

Stock picture
Stock picture
Charlie Weston

Charlie Weston

Mortgage lender EBS is to cut its fixed rates for new and existing customers.

The move will see all rates fixed for between one and five years come down to 3pc.

Cuts of up to 0.25pc are being implemented from next Wednesday, in a move that will keep the pressure on other lenders to reduce their rates.

It is the second time in just over six months EBS, which is part of the AIB group, has cut home-loan rates.

Existing mortgage holders on a four-year fixed rate will see monthly repayments fall by €30 on a €200,000 mortgage.

One-, two- and three-year fixed rates are coming down from 3.15pc to 3pc.

The four- and five-year rates will reduce from 3.25pc to 3pc, which will represent some of the lowest rates in the market.

Existing customers who are already on a fixed rate can avail of the new lower rates, but there may be a breakage fee, EBS said.

The lender said the 2pc back in cash offer remains in place until December 31 for eligible customers, including switchers.

Mortgage broker Michael Dowling welcomed the latest cuts, but he said EBS's parent AIB should reduce its fixed rates, which are uncompetitive compared with the rest of the market. Ulster Bank and KBC have the lowest fixed rates.

Irish Independent

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