Ulster Bank has announced plans to cut its mortgage rates for both new and existing customers although the size of the cuts will depend on the loan-to-value ratio home owners have.
The bank - which over recent times has had one of the highest Standard Variable Rate (SVR) mortgages on the market - is introducing a new variable rate of 3.5 per cent for customers with a 60 per cent loan-to-value and 3.7 per cent for those with an 80 per cent loan-to-value.
The Bank is also introducing a new three-year fixed rate of 3.2 per cent for customers looking to borrow over €250,000 with 80 per cent loan-to-value.
At the end of the fixed rate term, rates will automatically revert to the Ulster Bank Standard Variable Rate which currently stands at 4.3 per cent.
"We've seen a significant uplift across our mortgage offering, with 56 per cent growth this year both from customers buying a new home and those looking to get the best value rates available," said Maeve McMahon, Ulster Bank's Customer experience director.
She pointed to a “significant number of measures” introduced this year including a €1,500 contribution to legal fees .
Meanwhile permanent tsb has announced the introduction of a new home improvement loan for amounts of €10,000 and above. The rates will fall by 3.3 per cent APR from what was currently offered for loans between €10,000 and €19,999 and by 2.3 per cent APR on loan amounts of €20,000 and above.
