The newest mortgage lender in the State, Núa Money, has announced rate reductions across its residential mortgage and equity release products.
Núa Money said its Switcher Extra mortgage product would see cuts of up to 0.95%, while it also has new rates starting from 3.6% a year for first-time buyers, movers and straight switcher products.
Núa began lending in Ireland at the end of last year. It said it is focused on broadening the mortgage market by offering lending solutions to people who, despite having strong affordability profiles, are currently underserved by the "rigid practices" and conditions found elsewhere in the market.
Fergal O'Leary, Chief Commercial Officer of Núa Money, said the lender's mission is simply to make the mortgage process simpler, fairer and more accessible to more customers by combining attractive products and competitive pricing with cutting-edge technology.
"These new rates bring us another step closer to making homeownership a reality for more individuals and families across Ireland, and to opening up channels for existing mortgage holders to release some of the equity in their homes," he said.
"We know that there are thousands of customers out there with the financial capacity to afford a mortgage but are currently locked out by outdated lending models. Our goal is to change that," he added.
Núa Money said its 60% loan to value (LTV) five-year fixed mortgage rate would fall to 3.6% from 3.85%, while its 60% LTV five 5-year fixed would drop to 3.65% from 3.75%, its 70% LTV, 3-year fixed would drop to 3.9% from 4.15% and its 70% LTV 5-year fixed would ease to 3.95% from 4.05%.
It also said that fixed rates on its Switcher Extra product, which offers equity release up to €300,000, will fall to 4.8%-5% across 60-80% loan to value bands from 5.75%.
