In the wake of AIB, KBC and Haven’s mortgage rate announcements during the last few weeks, EBS has responded by cutting its fixed mortgage rates.
A few weeks ago AIB slashed its variable and fixed mortgage rates, hot on its heels KBC launched a new market leading 10-year fixed mortgage rate and just last week Haven announced a new range of cuts to its variable and fixed rates. Now EBS are following on in this rates cutting trend, announcing its own range of fixed rate mortgage cuts, effective from tomorrow, October 10th.
Most significantly, EBS’ 5-year rate cut from 3.80% to 3.25%, makes it the lowest 5-year fixed rate on the market but rates are being slashed across all of EBS’s fixed term mortgages which you can find summarised in the table below:
|
Fixed Term |
Old Rate |
New Rate |
|
1 Year |
3.50% |
3.15% |
|
2 Year |
3.60% |
3.15% |
|
3 Year |
3.65% |
3.15% |
|
4 Year |
3.75% |
3.25% |
|
5 Year |
3.80% |
3.25% |
2% cashback offer extension
The good news doesn’t end there though, as EBS has also announced that it is extending its 2% cashback offer to eligible customers, including switchers who drawdown their mortgages before the 31st of March 2018. This means of course, that new mortgage customers will receive 2% of the mortgage’s value back in cash at the drawdown period.
Of the new rate cuts and the 2% cashback offer, EBS Chief Executive Des Fitzgerald said:
"Customers, especially first time buyers, have a strong appetite for cash offers in addition to very competitive mortgage interest rates.”
“Our back in cash offer has been very popular since we started it in June of last year. This extension of our offer, coupled with EBS’s reduced fixed rates offers great value to our customers.”
“EBS are the Mortgage Masters and our experts are on hand to help people achieve their dream of home ownership.”
Will more banks follow this trend?
Though the latest cuts we’ve seen from AIB and Haven have been to both fixed and variable rates, EBS seems to be picking up from the trend to cut fixed rates only, which we saw a lot of back in the spring of this year from KBC, Permanent TSB and Bank of Ireland.
It will be interesting to see how other banks will react to the move, as Ireland’s mortgage market continues to become more and more competitive.
If you’re a prospective buyer looking into getting a mortgage, always make sure to compare the market fully before you make any decisions. You can compare all rates using our mortgage calculator.
