Building society EBS has announced reductions in its fixed and variable interest rates for Building society EBS has announced reductions in its fixed and variable interest rates for Buy to Let customers. . The rate cut follows the ECB's cut two weeks ago.
The variable discount rate for one year will now be 3.5% and the standard variable was cut to 4%. The fixed discount rate has been cut to 3.25%, and the fixed one year is at 3.75%. EBS Commercial chief Brian Healy said, 'The number of people investing in the property market increased dramatically in 2002 where sales of Buy to Let properties were very strong.' He added, 'Bricks and mortar is still seen as a popular investment particularly given the uncertainties of alternatives such as equities. We expect that lower interest rates will further underpin demand for Buy to Let properties into 2003.'
