Comparison of Mortgage Interest Rates in Ireland
We regularly do a comparison of the mortgage rates on offer to new customers from the major Irish lenders.
Listed below are the current lowest mortgage rates on offer for you to make comparisons. We compare variable interest rate mortgages as well as a selection of fixed-rate mortgages.
Avant Money launched new mortgages in September 2020 – and we have included them in the comparisons below. Avant currently has the best rates for 3 and 5-year fixed-rate mortgages.
Fixed rates are currently lower than the variable rates .
The current lowest mortgage rate available for first-time buyers who have only a 10% deposit is 2.3% fixed for 2 years with Ulster Bank.
The next best rate is a 3-year fix with Avant Money at 2.35%.
The highest mortgage rate for first time buyers is from Bank of Ireland – their variable rate is 4.5% on an LTV greater than 80%.
Summary of Lowest Mortgage Interest Rates
Updated September 2020
Some interesting examples of how much you could save by Switching Mortgage
Low-Interest rate mortgages as low as 2% fixed for 25 years are now available for some people from local authorities – more here about these Rebuilding Ireland Mortgages
Fixed Rate or Variable – Which is Best ?
The most important thing to remember is with a fixed rate, you have the safety of knowing exactly what your mortgage repayments will be for a certain period of time. You will not be affected by sudden increases (or decreases). With interest rates at their lowest for many years – it is likely that variable rates will increase during the next 5 to 10 years.
Over the past several years it was usually the case that variable mortgage rates were often lower than fixed rates – but right now some of the fixed rate deals are at their cheapest ever and most are lower than variable rates.
Mortgage Incentives :
BOI offer 2% cashback to all new customers and 3% to those who stay with them for 5 years. (no maximum cashback)
PTSB also offers 2% cashback lump sum for new customers and 2% off the monthly repayments back until 2027
EBS also give 2% cashback to all new mortgage customers – plus another 1% if you stay with them for 5 years.
Ulster Bank offers €1500 towards legal fees for all new customers.
KBC will give €3000 to mortgage switchers only and €1500 towards legal fees for all new customers.
AIB give €2000 cashback for switchers.