Saturday 24 March 2018

KBC latest bank to cut fixed rates for mortgages

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KBC has become the latest bank to cut its fixed rates for mortgage holders.

The bank is reducing its rates by up to 0.35pc for new and existing customers.

It comes weeks after Ulster Bank reduced its fixed rates.

Banks are cutting fixed rates in an attempt to stop mortgage customers switching.

From Tuesday, KBC Bank will reduce its two-year, three-year and five-year fixed rates for new and existing customers. The bank said that those who take out a current account with them will be able to get a three-year fixed rate of 3.10pc.

People who mandate their salary into a KBC current account benefit from a 0.2pc reduction in mortgage rates.

In a move to get existing mortgage holders to move to it, the bank is now offering €3,000 towards legal and professional fees for switchers. It was previously €2,000.

The Belgian-owned bank's two-year fixed rate will fall by 0.25pc to 3.2pc for those with a loan whose value is between 80pc and 90pc of the property's value.

Irish Independent

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