AIB cuts fixed-term mortgage offer after ECB rate reduction earlier this month

Industry brokers previously predicted that banks operating in the Republic would be as slow to pass on cuts as they were to pass on interest rate hikes. Picture Denis Minihane.

AIB announced plans to cut its four-year fixed mortgage rate product by 0.25% following a decision by the European Central Bank (ECB) to reduce interest rates.

The lender said the rate reduction will be available to new and existing customers from early July and will be applicable for mortgages of €250,000 or more.