We always try to keep potential homebuyers or mortgage switchers up to date on the lowest mortgage rates available in Ireland. Doing a comparison of Irish mortgage interest rates is easier in 2018 than it was a few years ago – because there are fewer lenders operating in Ireland and a lot less mortgage products.
See our full list of the Lowest Mortgage Rates here.
Currently , in our opinion , the best overall deal for first time buyers or switchers is to go for a 3 or 5 year fixed rate at 3% from Bank of Ireland – with a maximum LTV of 90%. BOI are aso offering up to 3% cashback for all new mortgage customers . EBS have cut their fixed rates to 3% too – but with a maximum of 2% cashback available
Ulster Bank’s 3 year fixed rate of 2.99% is good – with €1500 cashback – but we think the BOI 5 year fixed rate will work out better over 5 years especially with the extra cashback.
Ulster Bank have 4 year fixed rate of 2.85 % – just below BOI – but the larger cashback offer from BOI works out as a better overall deal in our opinion. (See some figures here) .
One of the lowest variable mortgage rates for new customers is from AIB or Haven at 3.15% with a maximum LTV of 90%.
If you can manage a 20% deposit – you could get a variable rate of 2.95% – again from AIB or Haven . But with a 5 year fixed rate at 3% you will get more certainty of how much your repayments will be for longer .
If you are thinking of switching your mortgage to get a lower rate – you should take account of the fact there will be legal costs and valuation fees involved (Typically €1,300 in total) But many lenders are offering cashback to new customers to help with switching costs.
See some calculations on mortgage switching here.
More about the Rules on Mortgage Lending Limits in Ireland Here .
Also – if you are having problems getting a big enough mortgage from the banks – you should think about applying for a mortgage under the Rebuilding Ireland Home Loan scheme. They are offering a pretty good long term fixed rate of just 2% over 25 years – but you must have applied to two banks and been refused first.
Interest Rates Figures checked October 2018