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AIB set to cut its mortgage rates
30 Oct 2014 16:04
AIB is to cut mortgage rates by up to 0.25% from the start of December.
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The standard variable and Loan to Value rate reductions will apply to mortgages from AIB, EBS and Haven and will be available to new and existing customers.
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The bank said the change would impact 146,000 existing mortgage account holders.
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The cut will see the bank’s standard variable rate fall to 4.15% from 1 December, with the EBS rate dropping to 4.33% and Haven's falling to 4.35%.
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Meanwhile, Loan to Value rates at AIB and Haven will fall by 0.24%, with EBS rates falling by 0.25%.
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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.
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A LTV mortgage below 50% will have a rate of 3.85% at AIB and Haven, or 3.8% at EBS.
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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%.
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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%.
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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".
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