EBS has said it will cut its three and five year fixed rate mortgages by 0.15% from this Thursday, 22 July.
Both mortgages rates will reduce to 2.75% and will be available to new and existing customers regardless of their Loan To Value (LTV) rate.
New mortgage customers can avail of up to 3% back in cash, meaning they will receive €3,000 back for every €100,000 in new mortgage borrowing drawn down.
Based on a 20 year mortgage of €282,615 at the new rate of 2.75%, including 3% cashback, customers could save up to €6,500 over the first five years of their mortgage when comparing the same mortgage to one from a non-cash back mortgage lender.
Similarly, customers currently on a standard variable rate of 3.70% would save €150 on their monthly repayments if they switched to a 5 year fixed rate of 2.75%. The calculation is based on a €300,000 mortgage over 25 years.
Paul Butler, Managing Director at EBS said they want to ensure they have a "competitive" offering for those taking out a mortgage for the first time or switching their mortgage.
"We're delighted to announce our reduced fixed rate for new and existing customers, representing real savings for customers every month.
"Coupled with our competitive 3% cashback offering, which new customers can avail of, this is our lowest three and five year fixed rate ever and represents real value for mortgage customers looking for fixed rate certainty," he said.
The new EBS fixed rate changes come into effect this Thursday for all new and existing EBS customers.
The offer of up to 3% back in cash is available to customers taking out fixed or variable rate mortgages on private dwelling houses, including first time buyers, customers moving to a new home, and customers who wish to switch their mortgage to EBS.
Customers must draw down the mortgage loan before 31 December.
