It follows an earlier cut of 0.4% from the rate applied to the product in December.It brings the 4-year fixed rate to between 3.8% and 4.05%, depending on the loan-to-value ratio.The bank is also launching a new 3-year fixed rate"green" mortgage product for new customers from today.In order for borrowers to qualify, the home on which the mortgage is secured will have to have a Building Energy Rating of between A1 and B3.
The changes come as expectations grow that the European Central Bank will cut interest rates from their record highs in June. Inflation in the eurozone is settling back towards the ECB target of 2%, giving the bank scope to begin loosening monetary policy. However, it is anticipated that Irish banks could be slow to pass through the reductions to borrowers, because as ECB rates went up lenders here did not pass on the increases in full to many mortgage holders.
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