Monday 24 November 2008

REA welcomes rate cuts

Real Estate Alliance has welcomed Mondays announcement by AIB to slash their homeloan rates to match the current ECB rate of 3.5%.
The new rate which is around 2 percentage points lower than the next nearest competitor is available to first time buyers and is fixed for 12 months.
“This announcement by AIB is a recognition that interest rates are on a continuing downward cycle and offers an incredible deal to first time buyers”.
The cut, equivalent to 4 ECB rate moves, further increases the affordability of housing which has been gathering pace throughout 2008. The cost of a €230,000 mortgage over 30 years under this scheme is now just €1,032 a month – before mortgage interest relief, over €300 a month less than the next nearest competitor.