ULSTER Bank has cut its one year fixed mortgage rate, but has no immediate plans to cut its variable rates. Yesterday, it announced a cut from 6.5 per cent to 5.8 per cent (APR 7.26 per cent endowment and 7.46 per cent repayment) on the one year fixed rate.

The rate is only available to new mortgage buyers existing mortgage customers will not be allowed to switch. A spokesman for the bank said first time buyers account for around 80 per cent of the market for this fixed rate.