New mortgage lender Núa announces rate cut
Mortgage-lender Núa has announced interest rate cuts across its residential mortgage following further rate reductions by the European Central Bank (ECB).
The announcement comes following a decision by the ECB in April to cut interest rates by 0.25% — the seventh time since summer 2024. The ECB's deposit rate now stands at 2.25% following the regulator's latest reduction of 0.25%.
The company has announced a 0.25% interest rate cut on its three-year fixed rate mortgage products and a 0.10% interest rate cut on its five-year fixed rate mortgages. These rate reductions are on mortgages with loan-to-value ratios of between 60% and 70%.
The company added it has cut its Switcher Extra mortgage product by 0.95%. This is across mortgages with loan-to-value ratios between 60–80%.
Núa chief commercial officer Fergal O'Leary said the lender was not just cutting rates in response to the 'market conditions' but also 'reshaping the landscape to better reflect the needs of today's borrowers'.
'Whether it's a first-time buyer, switching from another lender, or releasing equity, we want to support people on their mortgage journey with a solution that's fair, fast, and built around their particular needs and circumstances,' he said.
Núa is a non-bank lender and was founded in September 2021. It secured a licence from the Central Bank of Ireland during summer last year.
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