Leeds Building Society in Ireland have introduced a new Euribor tracker mortgage. This mortgage will track the European inter-bank lending rate – which today is at 1.81%. This is lower than the ECB rate – but it is more likely to fluctuate as it is not set by a monthly meeting like the ECB rate.
The Leeds Building Society has two rates – the first is Euribor plus 3% (currently 4.81%) and is only available for LTVs under 50%. For LTVs of 50 to 70% the rate is Euribor plus 3.25% Max LTV for remortgage is 60%.
I can’t see too many borrowers rushing to switch to Leeds at the moment with variable rates as low as 3.25% at AIB and Halifax.