“We know this will be welcome news for customers looking to re-fix their mortgage soon,” the bank’s product, sustainability and marketing GM Sarah Hearn said.
“While we are reducing our rates, we acknowledge that customers may be re-fixing their loans from the historically low rates we have seen over recent years and may still be concerned about their increasing costs.”
Hearn said the bank would contact home loan customers who might be facing financial difficulty to ensure they had support and understood their options.
“Our data shows the vast majority of our customers are coping well with higher living costs, but we encourage them to get in touch if they have any concerns.”