Ulster Bank has announced a range of cuts across its fixed rate mortgage products as competition among the country's banks for new mortgage customers heats up.

Ulster Bank said its five year fixed mortgage rates will now range from 2.8% to 2.99% - down from 2.9% to 3.75%.  

The bank said the same rates are also available for three year fixed mortgages, while it will also cut its four year fixed rate for customers with a 90% loan to value ratio to 2.85% from 2.99%. 

Ulster Bank also said it would remove any minimum threshold for borrowing. This means the lowest rates are now available to all its customers with a salary mandated current account. 

Its Loyalty Plus rates were previously only available to these customers for borrowings of more than €200,000.

The new rates are effective from March 22.