EBS cuts mortgage rates – but no relief for variable rate borrowers

AIB subsidiary cuts fixed rates by up to 55 basis points but standard variable rate unchanged

The cuts to EBS’s fixed rates will apply from October 10th, but not everyone will benefit straight away as existing fixed rate customers will have to wait until the end of their term to switch, or risk incurring a penalty.

The cuts to EBS’s fixed rates will apply from October 10th, but not everyone will benefit straight away as existing fixed rate customers will have to wait until the end of their term to switch, or risk incurring a penalty.

As competition continues to heat up in the mortgage market, EBS Building Society has become the latest entity in the AIB family to cut mortgage repayments for its customers, announcing a reduction of as much as 55 basis points on its fixed rates. However, there is no relief to those on the lender’s standard variable rate.

The move follows rate cuts from both AIB and its broker arm Haven over the past month, but customers of EBS may feel aggrieved that the building society did not announce a cut to the standard variable rate, which would of course be effective immediately. It means that EBS customers on variable rates are now paying 3.7 per cent (LTV>80%) compared with 3.5 per cent at both AIB and Haven.

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