Current Fixed Rate Mortgage DealsActual fixed-rate mortgage loans
In spite of the relatively high installments we are paying here, the last few month have provided long awaited positives to potential first-time purchasers. At the end of March, Ulster Bank lowered a number of sentences, and in April both KBC and Permanent TSB did so. EBS has now entered the mortgage battle by significantly lowering its fixed interest rate for new and current debt.
How high are the new mortgage interest payments from EBS? The EBS has reduced its 1, 2, 3, 4 and 5 year fixed interest rate for first-time purchasers to 3.00%, making it one of the most highly competetive commercial mortgage lenders in the current fixed rate credit environment in Ireland. Previously, the EIB had calculated an interest rate of 3.15% for its 1, 2 and 3 year fixed rate and 3.25% for its 4 and 5 year fixed rate policies.
Whilst a rate reduction of 0.25% in isolated terms does not seem very thrilling, it can lead to significant cost reductions over the life of a credit. Suppose you are a first-time purchaser who wants to rent 270,000 euros to buy a 300,000 euro piece of real estate. With EBS's current 5-year fixed interest rate of 3.25%, you would have received a refund of around ?1,531 per month.
With the new interest rate of the 3. 00% the same mortgage costs however 1.497 per annum, which corresponds to a savings of 34 per annum or 408 per year. about a 20- or 30-year mortgage that can really total. What is the best fixed price for a first-buyer?
EBS's new fixed prices are among the most highly competitive available on the Ireland one. The Bank of Ireland also provides a 3.00% interest rate on 1 -year, 2-year, 3-year and 5-year fixed interest while KBC provides its current accountholders with a 2.90% interest rate on a 1-year maturity. Meanwhile, Ulster Bank is offering its current accountholders a fixed rate of 2.90% for 3-year and 5-year maturities and 2.85% for 4-year maturities.
Here is an outline of the best currently available 3-year fixed rates: Could EBS current subscribers benefit from the new tariffs? The new 3.00% fixed interest rate of EBS is available to EBS' current borrower. Consumers who are still tied to a fixed duration may, however, have to make a breakage payment to change to one of the new, lower tariffs.
Discussed this with EBS, we were made aware that some of our current clients do not have to break charges at all, while others may have to charge over 1,000 euros. So if you are already a regular EBS client, you should contact the creditor to find out what fine, if any, you would be required to make.
As the mortgage interest rate crisis looms, it is good to know that many of Ireland's mortgage lenders have been bearing very high interest for years. Four bankers cutting interest within just two month is an indication that there is increasing competitive pressure in the mortgage lending business, which is a good thing for them.
With the recent flood of cutbacks, it is now a very good moment for first-time purchasers and current mortgage clients to benchmark interest rate - which is simple to do with our Mortgage Comparison page - and check their optionality.