Ulster Bank to cut variable mortgage rate

Ulster Bank to cut variable mortgage rate

Ulster Bank has provided its variable rate mortgage holders with a pre-Christmas boost after vowing to cut its interest rates in the New Year.

The lender confirmed today that it would be passing on a reduction of 0.2% to its customers on February 1.

The decision to slash its interest rate comes despite the bank failing to lower rates following ECB rate reductions in each of the last two months. The bank now says that its funding costs have fallen though, hence the impending rate cut.

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