EBS Building Society has become the latest lending institution to cut its fixed interest rates on mortgage loans, while First National Building Society has followed up reductions earlier this month with further cuts.
With effect from the close of business on January 26th, EBS has cut its one-year fixed rate for new customers to 5.7 per cent from 6.2 per cent. The two-year fixed rate for both new and existing EBS customers has been reduced to 5.95 per cent from 6.75 per cent and the three-year rate to 6.1 per cent from 6.9 per cent. EBS has also introduced a new 10-year fixed rate mortgage product.
Meanwhile, First National Building Society has further reduced its fixed rates on mortgages. It is now offering new customers a one-year fixed rate of 5.89 per cent, a two-year fixed rate of 6.25 per cent and a three-year fixed rate of 6.35 per cent.
It has also introduced two new fixed rate products - a seven-year and a 10-year fixed rate mortgage at 7.2 per cent.
Worries over home mortgage and loan repayments are said to be utmost in most borrowers' minds according to a survey carried out for Consolidated Financial Insurance (CFI).
