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Banks to cut interest rates for variable mortgages

It is said that homeowners with standard variable mortgages (SVR) are likely to benefit from reduced interest rates from July this year.

Minister for Finance Michael Noonan met with AIB, Bank of Ireland, Permanent TSB, Ulster Bank, KBC and ACC to discuss variable rates currently being charged by the banks.

Reducing the cost of mortgages might come from:

  • straight rate cut
  • offering a lower fixed-rate

Mr Noonan warned the banks that if they do not take steps to lower the cost of mortgages, bank levy could be introduced in the Budget.

More details can be found in Irish Times online.

 

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