ICS and EBS have joined the latest round of interest rate reductions. EBS has announced reductions on its variable and fixed mortgage interest rates. The variable rate has been reduced by a 0.5 percentage point, from 5.6 per cent to 5.1 per cent. "With a base variable rate of 5.1 per cent, EBS remains the best value in the marketplace," the building society stated.

It added that the benefits of new euro interest rates were being passed on, providing, for example, a 4.9 per cent four-year fixed rate and a 5.1 per cent five-year fixed rate.

ICS Building Society has reduced its variable rate by 0.5 of a point to 5.49 per cent, while its 12 month discounted rate on offer to first time buyers also falls by 0.5 of a point to 4.99 per cent.