THE First National Building Society has cut its variable mortgage rates by 0.25 per cent. FNBS's new variable rates for new customers are now 6.75 per cent (6.9 per cent APR) for up to 80 per cent loan to value and 7 per cent (7.2 per cent APR) for over 80 per cent loan to value.

The building society has also announced new three and five year fixed rate mortgages at 7.75 per cent (7.3 per cent APR) and 8.25 per cent (7.7 APR) respectively.