Irish Permanent cuts fixed-rate mortgages

Irish Permanent will reduce its fixed-rate mortgages from today. The company said its one-year fixed rate mortgage rate would be the lowest available in the Republic at 4.15 per cent. The cut represents a reduction of .30 of a percentage point on the previous rate of 4.45 per cent. Irish Permanent said the monthly repayment on a £50,000 loan over 20 years would be just under £307. The company has also reduced its other fixed rates: a two-year fixed loan now costs 4.65 per cent, while a five-year costs 5.35 per cent.