Recently, Ulster Bank, a major mortgage lending bank, announced a drastic interest rate cut down to a 2.3% fixed rate for two years. Essentially blowing their competitors out of the water.
Against all other players in the market, the Ulster Bank is offering the lowest rate of all.
Ulster’s closest competitors, being the center at Haven Mortgages with a fixed rate set at 2.8%. All other banks showing rates setting at 3% – 3.2%.
The lingering question after this announcement by Ulster is, will we be seeing a shift in other banks to lower their rates as well?
This is an important question for the borrowers as well as the lenders for it impacts the business trend between banks.
If the competing banks believe they need to to stay competitive then it is likely that we will, however, if they have the advantage to keep them ahead of their competitors then they will have no need.
It is hard to say for sure if the other banks will follow in suit and lower their interest rates but that is genuinely …