The Bank of Ireland cut its fixed mortgage rate for the second time this summer to 5.2%. According to news reports, the bank’s move was in reaction to pressure from rival bank AIB. A number of lenders have cut their rates in recent weeks as they do not anticipate a rise in rates from the European Central Bank.
In addition to the Bank of Ireland, IIB Homeloans and First Active also cut their rates in the past couple of months. The Bank of Ireland indicated that its two year fixed rate for new customers will be cut by .54 percentage points to the new level, which is now the same rate that AIB is charging.
The Bank of Ireland is also cutting its three year rates .29 percentage points to 5.6% for those who have a mortgage of 80% or lower of the value of the home. Additionally, five year rates have been cut by .34 percentage points.
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