Bank of Ireland has announced that new business fixed rates for owner occupiers will reduce by up to 0.41%.
The decreases will come into effect on Thursday, April 12.
In a statement, Bank of Ireland says new mortgage applications on 2, 3 and 5-year fixed rate loan terms can avail of the new rates. It also says that 1-year fixed rates will remain unchanged.
New mortgage applications as well as application currently in progress with the lender will qualify.
"In December 2011, to support customers purchasing their first home or moving home throughout 2012, we launched a mortgage fund of €1.5bn. To date in the first months of 2012, we have received applications to the value of €528m from potential first time buyers and movers," Jonathan Byrne, Head of Mortgages ROI in Bank of Ireland said.
Those currently on various fixed rate terms with the lender will not see a reduction or a change. However, those coming to the end of a fixed rate deal will be able to avail of new, lower cost deals from April 12th.
Mr Frank Conway of moneycoach.ie says, "the move by the lender is positive in so far that it shows that there is a little momentum to make some of their lending rates a little more attractive. For far too long, we have had this extraordinary situation where lenders appeared to do all they could to keep their rates as unattractive as possible. Perhaps this is part of a slow thaw in the overall mortgage lending environment."
Standard variable rates and rates for Residential Investment Properties remain unchanged.
