National Irish Bank slashes interest rate on home loans

Lenders are likely to cave in to customer demands to reduce the interest rate on their mortgages after National Irish Bank (NIB) slashed the rate on its home loans last week, according to Michael Dowling, president of Dublin mortgage broker, the Inde

21st October, 2006

Last week, NIB launched a new tracker mortgage, where the interest rate can be as low as 0.5 percentage points above the European Central Bank (ECB) rate - far lower than the margin offered by other lenders.

‘‘Customers are now in a better position to get a reduced interest rate from their lender,” said Dowling. ‘‘There’s no doubt that customers should now negotiate a better rate.” Dowling said that the top four lenders - AIB, Bank...

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