Ireland AIB announces mortgage interest rate cuts

DUBLIN, Ireland: AIB has announced a cut in interest rates on some of its fixed-rate mortgage products to provide relief to new and existing home buyers.

The bank has cut interest rates on its five-year green fixed-rate mortgage and four-year fixed-rate mortgage by 0.25 percent for customers borrowing €250,000 or more.

This means that the interest rate for the green mortgage is now 3.2 percent, while the four-year fixed interest rate is 3.7 percent. The move comes after the European Central Bank’s recent decision to cut interest rates earlier this month, reflecting broader trends in the financial market.

AIB’s Green Mortgage is available to customers buying energy efficient homes with a building energy rating of A1 to B3, or for self-build properties with a remaining mortgage term of more than five years. The bank has also extended the in-principle approval period from six to 12 months, giving borrowers more time to secure their new home.

The new rates, which come into effect on September 27, represent the third rate cut introduced by AIB this year, underlining its commitment to making home ownership more accessible in a changing market.