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BOI not planning on price war as AIB announce mortgage lending rates cut
Bank of Ireland says it has no plans to engage in a price war with AIB.It is after AIB announced its cutting its mortgage lending rates for the second time in less than a year.AIB said it is cutting its 3-year and 5-year fixed mortgage rates from 2.85% to 2.55% and reducing its Green 5-year fixed rate from 2.50% to 2.45%.
"Introducing a range of highly competitive new fixed mortgage rates provides AIB customers with greater repayment certainty and long-term security," said Colin Hunt, AIB CEO. "As the mortgage market leader, our new competitive fixed rates offer value and choice to complement our lowest variable offering in the market. "And through our green mortgage we are supporting our customers in taking climate action."Meanwhile, Bank of Ireland Chief Executive Francesca McDonagh says she is comfortable with the bank's competitiveness."We think we're actually very competitive right now. We reduced our rates in 2019. We offered the first green mortgage," said Ms McDonagh.
"We see many customers still liking the cash back. Over half of all mortgages are in Ireland are first time buyers. They like that cash back for carpets and curtains and we are very competitive in that space. "Right now, I'm comfortable with the competitiveness of our mortgage offering."
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