Ulster Bank has announced a cut in its fixed rate mortgages for existing and new customers.
The rates have been cut from 3.99 per cent to 3.85 per cent on a three-year fixed rate mortgage and from 4.49 per cent to 4.29 per cent on a five-year fixed rate loan.
Ulster Bank now has the lowest five-year fixed rate on the Irish market.
Monthly payments on a three-year fixed rate mortgage of €100,000 over 20 years will drop €84 to €598.
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Repayments on the same sum borrowed over the same term with the five-year fixed rate product will drop €11 to €621.
"We have reduced our fixed rates to reflect a downward shift in cost of funds," said Ms Tanya Waters, lending & insurances product manager with Ulster Bank.