Bank of Ireland has reduced its fixed mortgage lending rates by 0.5 per cent for new and existing customers effective today.
The move will benefit those with homes that have a Building Energy Rating (BER) of A to G.
The bank stated that the four-year fixed rate is now available at 3.1 per cent, depending on the BER.
This would essentially mean that a customer can save around €1,000 annually on a €300,000 mortgage in comparison to the previous 4-year fixed rates.
Additionally, the bank has announced a new 1-year fixed rate product starting at 3.3 per cent for mortgages of €250,000 and over.
It is also replacing its 24-month fixed term deposit account, which carried an Annual Equivalent Rate (AER) of 2.96 per cent, with a new 18-month fixed term deposit account offering an AER of 2.98 per cent.
The cuts to mortgage rates follow the interest rate reductions by the European Central Bank, which has trimmed rates three times by a cumulative 0.75 per cent since June.