EBS customers are in line for savings on their mortgages after the building society announced plans to cut its three and five year fixed rate mortgages by 0.15 per cent.
Available from Thursday, the three and five year fixed mortgages rates will reduce to 2.75 per cent, representing increased value for first time buyers and switchers looking for fixed rate certainty.
However, the building society will still be among the most expensive providers in the market for such products.
EBS said the new rates will be available to new and existing customers regardless of their loan to value ratio.
New mortgage customers can avail of up to 3 per cent back in cash, meaning they will receive 3,000 back for every 100,000 in new mortgage borrowing drawn down.
Based on a 20 year mortgage of 282,615 at the new rate of 2.75 per cent, including 3 per cent cashback, customers could save up to 6,500 over the first five years of their mortgage when comparing the same mortgage to one from a non-cash back mortgage lender.
Similarly, customers currently on a standard variable rate of 3.7 per cent would save 150 on their monthly repayments if they switched to a five year fixed rate of 2.75 per cent. The calculation is based on a 300,000 mortgage over 25 years.
EBS managing director Paul Butler said: Buying a home is one of the biggest decisions somebody will make, which is why at EBS we want to ensure we have a competitive offering for those either taking out a mortgage for the first time or switching their mortgage to us.
Were delighted to announce our reduced fixed rate for new and existing customers, representing real savings for customers every month.
Coupled with our competitive 3 per cent cashback offering, which new customers can avail of, this is our lowest three and five year fixed rate ever and represents real value for mortgage customers looking for fixed rate certainty.
Our team of dedicated mortgage masters across the country are on hand, ready to work with home buyers who are looking to realise their dream of home ownership and avail of the excellent value and expertise EBS offers.
The new EBS fixed rate changes come into effect on Thursday for all new and existing EBS customers.
The offer of up to 3 per cent back in cash is available to customers taking out fixed or variable rate mortgages on private wwelling houses, including first time buyers, customers moving to a new home, and customers who wish to switch their mortgage to EBS.
Customers must draw down the mortgage loan before December 31st.