AIB, Haven and EBS cut a string of mortgage rates

"Brokers said the decreases were overdue as the rates the group charges on mortgages for those who do not have an energy-efficiency homes is far higher than it charges those with good energy ratings. AIB's five-year fixed rate for non-green mortgages is being reduced by 0.65 percentage points. And all other AIB non-green fixed rates are also coming down. The reductions are effective from tomorrow. The green four-year fixed rate at EBS, which is part of the AIB Group, is coming down by 0.35 percentage points. This follows recent non-green reductions. Haven, which is the broker-focused unit of AIB, will have non-green rates that are up to 0.35 points lower than previously."

"The cuts apply to new customers and existing borrowers with the group who are coming off existing fixed rates or want to move from a variable to the lower fixed rates. Bank executives said the reductions reflect AIB Group's commitment to delivering value for customers across a variety of mortgage products, whether their home qualifies for a green mortgage or not. It said these latest reductions follow several cuts to green mortgage rates by AIB Group, as well as non-green rate cuts by EBS and green rate cuts by Haven earlier this year."

"After the cuts, the monthly repayment on a new €300,000 AIB one-year fixed rate mortgage, with a loan to value of greater than 80pc over a 25-year term will be €1,500. The previous monthly repayment would have been €1,606, representing a saving of €106 a month. Over a year this works out at a reduction of €1,271 in repayments. AIB's managing director, retail banking, Geraldine Casey said: "We understand that some customers are buying a home in areas where green properties are limited."

AIB Group is reducing non-green mortgage fixed rates, with a five-year non-green cut of 0.65 percentage points and further decreases across other non-green products. EBS, part of AIB, is lowering its green four-year fixed rate by 0.35 points, and Haven will cut certain non-green broker rates by up to 0.35 points. Reductions apply to new customers and existing borrowers moving off fixed or from variable rates. The changes aim to narrow the gap between green and non-green mortgage pricing and will reduce monthly repayments on a €300,000 one-year fixed mortgage with LTV over 80% to €1,500.

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