First Active announced today it is to cut the interest rate on its current account mortgage to 3.29 per cent (APR 3.3 per cent) with effect from next Monday.
First Active, which was the first institution to introduce the current account mortgage to the Irish market, claims that the products has resulted on €300 million in loan offers and €100 million in additional lending secured by the value of the mortgages.
The account combines a conventional current account which when in credit reduces the balance on a mortgage on a daily basis.
First Active claims to have received over 7,000 calls requesting information on the product since its introduction in February this year .