AIB has announced that it is reducing its one year fixed rate for First Time Buyer owner occupiers to a market leading 2.40% and is also updating its interest rate options.
The new fix rate is now available to first time buyer owner occupiers and will be available for all first time buyer owner occupier mortgages sanctioned by 30th June 2009 and drawn down by 30th September 2009.
AIB led the way last November when it launched a market leading fixed rate for first time buyers. Since then, AIB has seen a substantial lift in the numbers of first time buyers coming to them for a mortgage. Over 20% of all new mortgages offered by AIB are now being offered to first time buyers.
AIB also announced changes to its lending and deposit rates, which follows the ECB interest rate reduction of 0.50% which was announced on 5th March 2009.
On the mortgage side, the standard variable rate for owner occupier mortgages decreases by 0.50% to 2.75%. The standard variable rate for residential buy-to-let mortgages decreases by 0.25% to 4.20%. All ECB Tracker related mortgages decrease by 0.50%. AIB also announces that it is reducing its three year fixed rate for owner occupiers from 3.35% to 3.10%.