AIB to cut its fixed mortgage rates

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The largest mortgage lender in the state is set to cut its fixed mortgage rates.

AIB plans to reduce its existing fixed rate home loans, while it's also introducing a new 10-year rate of 3.3%.

The bank is reducing its three-year rate from 3.2% to 2.85% while its five-year rate is coming down by 0.45% to 2.85%.

The move is a shock to the market as experts had predicted an end to mortgage rate reductions.

The move comes a day after it was announced they were changing its First Trust name in the north to AIB.

“Operating as one brand allows us to enhance our offering to customers across the jurisdictions in which we operate, and unifies us all behind our purpose to back our customers to achieve their dreams and ambitions,” said Colin Hunt, AIB’s recently appointed chief executive.

That move is not Brexit related, a spokesman said.

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