Mortgage holders set to benefit from price war

Mortgage holders are set to reap the benefits of a looming price war between the major lenders with one cut already promising over €1,000 a year in savings to mortgage switchers.

With huge savings already available to customers looking to switch lenders, further good news is coming down the tracks as banks look set to compete with AIB’s recent rate cut — its third of the year.

The 0.25% decrease in the bank’s variable rate announced earlier this month will affect 156,000 AIB customers directly and spark a rate battle that will benefit many more, according to Ken Murray, director of the Association of Expert Mortgage Advisers.