Halifax have beaten AIB to the lowest mortgage rate available for First Time Buyers in Ireland. tweek AIB announced a 3.25% fixed rate for 1 year for First Time Buyers – available from tomorrow 26th November.
Today - Halifax introduced a 3 year fixed rate of 3.2% – for FTBs . This is lower then the current\ECB rate of 3.25% – but that rate is forecast to drop again in December.
The fixed rate is until May 2011.

After AIB cut mortgage rates accross the board by 0.5% his week – bringing it’s Variable rate to 4.5% – they have now announced a new lower fixed rate mortgage.
The rate is only available to First Time Buyers – and is fixed for 1 year at 3.25%. The new rate is available from 26th November.
The ECB rate is at 3.25% – and the Standard variable rates are all at least 1.25% above that. It is possible that more ECB cuts could be made – some people predicting it could go to 2% next year. The lenders have cut variable rates after the last 2 ECB cuts – but there is no guarantee they will contine to follow the eCB rate so closely if there are more cuts. Even if they do cut variable rate mortgages in line with ECB cuts – the ECB rate would need to be at 2% to enable borrowers to get a variable rate of 3.25%.

AIB said ” First Time Buyers are essential to the property market but may have been holding back until now. This offer puts them in a position of strength and means that those who want to get on the property ladder now don’t have to wait for future ECB rate cuts.”

The rate will be available to all first time buyer owner occupiers from Wednesday 26th November 2008 until 31st March 2009, with mortgages to be drawn down by 30th June 2009

AIB , First Active and Ulster Bank have reduced rates on some of their savings accounts – as expected following recent ECB cuts.
The First Active e-savings rate of 5.22% is cut to 4.75%.
Ulster have dropped their online e-savings too from 4.4% to 3.9%
AIB from tomorrow are reducing rates on a few accounts – notably the the Parent Saver Account at 9.50% is down 0.50%. The AIB The Online Notice 7 Account rate on balances up to €10,000 is reduced by 0.48% to 4.50% and the Regular Saver rate decreases from 7.00% (AER) to 6.50% (AER) .
Find the best rates for your money here.

Halifax have cut their 12 month fixed rate deposit from 5.9% to 5.6% – for new customers. This is still one of the best 12 month rates – but Anglo Irish at 6% is still top of the highest paying 12 month fixed rate accounts.

Economists at Citigroup have forecast that the European Central Bank will slash rates by three-quarters of a point, to 2.5pc, at its December meeting. Recent data swowed that euro area output was already falling when the ECB raised rates to 4.25pc in July.

JPMorgan Chase also yesterday revised their interest rate forecast, saying ECB rates will fall to just 1pc next year.

With cheap flights from Ireland to England and the strength of the Euro against the Pound – it is a great time to get some bargains in the English shops. The Pound is only worth about €1.21 at the moment – so your Euros will buy a lot more than they did a year ago.
You could even win a free trip to England at the The Enjoy England web site (English Tourism Web site) Click below for entry form.

You can win a short break to Newcastle or the East Midlands including flights with Ryanair, shopping vouchers, and a gorgeous hotel.
The 1st prize is a free short break to the North East and it includes flights to the value of €400, accommodation for 2 people at Jury’s Inn Newcastle plus free tickets to see either Newcastle United or Sunderland and a River Cruise down the Tyne.

The 2nd prize is a trip to The East Midlands trip includes flights and accommodation at a luxury hotel and free shopping vouchers.

All you have to do is give your name and email address here.
You have until 28th November 2008 to enter the competition. (Irish residents only – Over 18′s)
Even if you don’t win – the website has plenty of useful information to help you plan your own trip to England.

First Active have announced that from Nov 18th they are reducing the interest rate on their e-savings account from 5.22% to 4.75%. (On balances up to 15k Euro)
More drops are expected from other banks – so it is a good time to look into getting a fixed rate account – some are offering 6% over 12 months.
In the meantime check out the best deposit rates available in Ireland here.

In the current environment of ECB rate cuts – most borrowers would be daft to go for a fixed rate mortgage at the moment.
BOI today cut it’s 2 and 3 year fixed rates for new customers – who can now get a 2 year fixed rate of 4.95. Even after that cut – Ulster Bank still has the lowest 2 year fixed rate at 4.9%. But there are variable rates around below 4.9% – and further drops are likely in the coming months.
See the Lowest 2 Year Fixed Rates