First Active, Ulster Bank and Bank of Ireland: Will Pass on Interest Rate Cut

First Active and Ulster Bank announced following the European Central Bank cut that they were reducing the mortgage rates. Customers of either bank who hold a mortgage on a Flexible Mortgage Rate or a Standard Variable Rate will see the interest rate on their mortgage reduced by 0.5 percent, with the Flexible mortgage rate being effective from November 20, and the Standard Variable being effective from December 1.

Several other Irish banks cut their mortgage interest rates too following the ECB benchmark cut today of 0.5 percent down to 3.25 percent.

AIB said before the announced rate cut today, that they would pass on the full cut in interest rate to mortgage customers although this would exclude any fixed rate mortgage deals.

Bank of Ireland and the ICS building Society both confirmed today that they will pass on the full 0.5 percent ECB rate cut to all existing Standard Variable Rate (SVR and Tracker Rate Mortgage customers and across their Variable LTV based range of products.

Source: finfacts