IIB cuts mortgagee interest rate

IIB Homeloans have today cut its three- and five-year fixed rate mortgages as well as introducing a new Flexi Saver mortgage product.

The discounts on home loan rates range from 25-30 basis points. The new rates are effective from today for all new customers.

IIB Homeloans group head of marketing John McAlinden said: "By reducing our fixed rates we hope to attract new customers looking for competitive rates and who want the peace of mind of knowing what their monthly repayments will be especially in the current uncertain economic environment.

"Customers will also get the full flexibility of an IIB Homeloans mortgage which allows for customers to split their mortgage amount between fixed and variable over different terms and amounts."

The IIB Homeloans Flexible Mortgage also has an option called the Saver Mortgage Option, which allows customers to overpay their monthly repayments and redraw that amount at a later stage, reducing their interest payments during the overpayment period.

"The overall IIB Homeloans flexible mortgage product with Saver Option gives borrowers the best of both worlds and we are pleased to add a new two-year fixed rate for customers as part of our objective of offering greater choice and flexibility to customers," said McAlinden.