Ulster Bank has announced that it is lowering its standard variable mortgage rate by only 0.25 points following the European Central Bank's decision to lower interest rates by 0.5 points yesterday.
The bank was one of many financial institutions to pass on the full cut to tracker mortgage customers, but the same reduction will be afforded to all their policy holders.
In a statement, Ulster Bank said it is lowering its Secure Step Mortgage variable rate to 2.95% and will also reduce the variable rate for personal loans and business overdrafts by 0.5 points.
The changes to tracker and SVR mortgages will come into effect from April 1 and will also affect customers with its sister lender First Active.
They join National Irish Bank as the only banks who have decided not to pass on the rates cut in full.
