KBC has cut its fixed mortgage rates, reducing its two- and 10-year fixed rates for first-time buyers, switchers and movers.

The bank said it would cut the rates by between 0.2 and 0.55 percentage points from August 6th.

The move comes after Bank of Ireland’s decision to reverse rate increases announced earlier this year.

“We know that our customers are looking for greater value and certainty in their repayments over longer periods, and our new pricing reflects these needs,” said Fergal O’Riagain, KBC Bank’s director of products.

The company is also offering additional incentives such as money off home insurance for new residential mortgage customers, and cash back for switcher mortgage customers drawing down their mortgage loan before the end of the year.