Over the past few months we have seen lenders increasing standard variable mortgage rates as they try to boost their income. AIB is due to increase their SVR next month to 4% from 3.5%.
Other lenders have standard variable rates ranging from 4.3% to 4.8%
With banks still struggling – it is not possible to say that rates will not rise again – even though ECB rate is at an all time low.
Fixed Rates :
A five year fixed rate of 3.7% is still on offer from PTSB- but you will need to have a morgage that is less than 50% of the value of the house.
Ulster Bank are doing a 2 year fix at 4.1% if your LTV is 75% or less.
There will be legal costs to pay if you switch your mortgage to another lender – of several hundred Euro. If variable rates drop again – and you want to get out of a fixed rate – there will probably be penalties to pay also.
Check out our tables of the Lowest Mortgage Rates Available here