Ulster Bank to lower interest rates for selected customers

Ulster Bank to lower interest rates for selected customers

Ulster Bank is set to cuts its mortgage interest rates for selected low risk borrowers.

The new rates will apply to new and existing mortgage holders.

The reductions will see some mortgage holders paying a variable rate of just 3.5pc, one of the lowest in the market.

According to a report in today’s Irish Independent, the bank is to also announce that it is introducing a special fixed rate of just 3.2pc for those who meet certain criteria.

The moves come just days after KBC Bank said it was cutting its rates, effective from next week, but its reductions only apply to new customers.

And AIB, and its subsidiary EBS, are due to reduce variable rates for new and established customers from next month, the third cut in 18 months.

Ulster Bank is cutting its variable rate by 0.3pc to just 3.5pc for existing borrowers whose mortgage is 60pc or less than the value of the home – this is a so-called LTV (loan-to-value) variable rate.

The bank is also offering a 0.2pc cut in its 80pc LTV rate to 3.7pc, with all the new rates available immediately.

Also being introduced is a new market-leading 3.2pc three-year fixed rate. To get this, a new or established homeowner must be borrowing at least €250,000, have an 80pc or lower loan to value, and open an Ulster Bank current account.

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