Ulster Bank has done a deal with the One Big Switch campaign in a move that could reduce mortgage rates for thousands of homeowners.

Approximately 9,000 homeowners have signed up to the campaign, which gives them the opportunity to negotiate a lower-interest rate on their mortgages.

Ulster Bank has now set a special four-year fixed rate of 3.29% for those who signed up, which could reduce their annual payments by as much as €1,500.

The bank will pay that amount to contribute to legal fees involved in switching to it and grant homeowners a free property valuation and a fast-track switcher process.

The rate will apply to those who owe less than 60% of their property's value.

Ulster Bank has also cut a number of other rates. Its Variable High Value Loyalty rate - which applies to people who borrowed over €250,000 and owe less than 80% of their home - is now down from 3.35% to 3.2%, while the cost of three-year and five-year rates have dropped.

One Big Switch co-founder Oliver Tattan told the Independent:

"Our members have been urging us to run a mortgage campaign for years. To see all that passion and co-ordinated action have such a positive outcome is solid proof that Irish consumers are determined to get their voices heard."

Maeve McMahon, director of customer experience and products at Ulster Bank, said:

"Through our partnership with One Big Switch we will make these market-leading fixed rates available to new and existing customers.

"All switchers will also receive our €1,500 contribution toward legal fees and a free property valuation - real help for what matters".

Mortgage holders have until May 20th to sign up for One Big Switch.