AIB continues to lead mortgage market
AIB continues to lead mortgage market
Significant pricing announcement for new and existing customers with the most competitive rates
- Standard Variable Rate (SVR) down to 3.15% – Fifth consecutive reduction in three years
- Resulting in a €1,500 annual saving on 200k mortgage
- A new 7 year fixed rate at 3.5%
AIB continues to lead the mortgage market by announcing a 0.25% reduction in its SVR, the fifth rate reduction for existing customers in three years.
Based on today’s announcement a customer will see an annual repayment saving of €315 on a €200,000 mortgage over 25 years. At current rates, this represents a lifetime interest payment saving of approximately €7,800 on the same mortgage.
AIB has also added to its fixed rate product offering with a new 7 year fixed term rate, the most competitive on the Irish market at 3.5%, to offer customers who desire medium term certainty that option. This is accompanied by rate reductions across our fixed rates, including a 0.5% reduction on the 5 year fixed rate.
AIB LTV variable rates are now as low as 2.75%, resulting in significant savings for new and existing customers.
Fixed rate changes will come into effect from September 18th 2017, while SVR and LTV changes apply from November 1st 2017.
AIB Managing Director of Retail and Commercial Banking in Ireland Robert Mulhall said:
“Our strategy, when conditions allow, is to pass on variable rate reductions to both new and existing customers and we continue to do that. Therefore existing SVR customers will automatically benefit from these new variable rates. We have cut our rates over the last three years by 1.25% for SVR customers.”
“AIB’s market leading variable rates provide the best of value, while our competitive fixed offerings allow new and existing customers to fix their rates if that’s what they are looking for.”
“These improvements in variable rate offerings benefit over 100,000 customers, leading to very significant annual savings. The impact of the five rate reductions on a mortgage of €200,000 over the last 3 years is to save the customer approximately €1,500 per year, based on this rate reduction.”
