Credit servicing firm Pepper Advantage Ireland has today announced further variable rate mortgage decreases for about 10,500 customers.
Pepper said the decision to cut its rates follows the recent rate reductions announced by the European Central Bank.
Pepper said it will cut rates by between 0.25% to 0.5%, with the majority of its customers seeing a 0.5% cut as they experienced the highest increases since the ECB implemented ten consecutive rate increases beginning in July 2022.
As well as just under 9,000 customers receiving successive variable rate reductions, Pepper Advantage said it will extend this latest reduction to about 1,500 additional residential mortgage customers who have not yet received an interest rate reduction.
"This cohort of customers had not received a reduction to date, due to experiencing limited or partial increases to their interest rates since July 2022 and did not see the full extent of ECB increases applied to their mortgage account," it said.
