AIB has reduced its interest rate offered on its green mortgage fixed-rate products by 0.25 per cent, in addition to its four-year fixed rate mortgage applicable to loans exceeding €250,000. This reduction was influenced by ECB’s decision to lower rates earlier that month, moving the interest rates on the green mortgage and the four-year fixed rate down to 3.2 per cent and 3.7 per cent respectively.
Green mortgages are available for properties having a BER rating between A1 and B3, including self-build properties with more than five years remaining on the mortgage term. These rates will be accessible starting September 27th, benefiting new and ongoing customers.
Moreover, AIB decided to extend the approval in principle period from six months to a full year. Geraldine Casey, the managing director of AIB’s retail banking, conveyed that this was the third time in 2024 the bank had slashed mortgage rates. She acknowledged that numerous homebuyers might contemplate taking loans greater than €250,000 to secure their dream homes. Casey noted their mortgage scheme is particularly favoured by customers dwelling in areas where homes with high-energy efficiency ratings might be limited.