Haven Mortgages, a subsidiary of AIB, is introducing a new seven and ten year fixed interest rate for new and existing customers, in response to demands from customers for greater certainty.

A €250,000 mortgage over 25 years on the new seven year fixed rate of 3.15%, would require monthly loan repayments of €1,205.12.

For a €250,000 mortgage over 25 years on the new ten year fixed rate of 3.30%, monthly loan repayments would be €1,224.90.

The new fixed rate terms will be effective from Thursday, August 8, and complement Haven's existing competitive 1 and 2 year fixed rate term of 3.15% and the 3, 4 and 5 year fixed rate terms of 2.85%.

Tom Kinsella, Managing Director of AIB Homes said, "At a time when some customers have told us they require certainty, we’re evolving our mortgage pricing proposition to provide them with medium and long term propositions that give them security."

Haven is AIB’s wholly owned subsidiary focused on mortgage distribution through the intermediary market.