IIB cuts mortgage rates

IIB Homeloans has cut rates on its fixed interest loans over two, there and five-year periods. Two in every three new IIB customers are fixing rates on their mortgages.

The bank has also announced a new rate of 3.25% on its homeloans that track the ECB rate.

IIB Homeloans chief executive Brian MacManus said: “The upturn in the global economy hints at the prospect of rising interest rates. In line with our own views we have decided to cut our fixed rates to benefit our existing and potential customers and to reflect our opinion on the market.” The rate changes take effect from Tuesday.