AAB has announced a range of cuts to its
fixed and variable mortgage rates for
new and existing customers let's take a
look at what it means for the Irish
mortgage market a November first AIB
will cut its standard variable rate for
new and existing customers from three
point four percent to three point one
five percent while a 0.25 percent cut in
a mortgage rate may not sound like much
in isolation it can add up to
significant savings over the lifetime
pallone so let's say you're an existing
AIB customer with two hundred thousand
euro left on your mortgage to be repaid
over 25 years
AIB is cooked will save you about three
hundred twelve euro every year which
adds up to a saving of about seven
thousand eight hundred euro over the
remaining term so a very significant
saving Abbey has also cut its rate for
first-time buyers from three point five
percent to three point one five percent
so let's say you're a first-time buyer
looking to buy a house for three hundred
thousand euro you pay your 10 percent
deposit 30 thousand euro and you need to
borrow the remaining two hundred and
seventy thousand euro and let's say you
want to do so over a 30-year term AIB is
new rate will come in at six hundred and
twenty four euro cheaper every year than
the previous best rate in the market
which will add up to a saving of over
eighteen thousand euro over the 30-year
term so again a huge saving available to
first-time buyers who go for this new
low rate from a Ivy AAB has also
introduced a seven year fixed rate at
3.5% the first time the bank is opted to
introduce a fixed rate for this length
of time so again to return to our
first-time buyer example you're buying a
heads for three hundred thousand euro
and you're borrowing two hundred and
seventy thousand euro over 30 years
you'll end up paying 1212 euro every
month but you'll know that this is the
exact amount you'll be paying for seven
years and there's a lot to be said for
the peace of mind that comes with
knowing exactly what your repayments
will be for that length of time some
very significant changes here from AIB
in the Irish mortgage market and will be
very interesting to see how the other
banks react to find out which mortgage
rates are best for you whether you're
looking to switch mortgages or whether
you're a first-time buyer you can do so
right now on ba crostata e the link is
in the description
you