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 links to our pages showing 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.
Fixed rates are currently lower than variable-rate mortgages in Ireland .
Mortgage rates have been at low levels for a few years now – but increases will be on the way as the ECB will raise their rate by 0.25% in July and a rise of another 0.5% is likely before October.
The current lowest mortgage rate available for first-time buyers who have only a 10% deposit is 2% fixed for 4 years at Haven (BER B3 or better).
For properties with a BER worse than B3 – the lowest mortgage rate at 90% LTV is from Avant Money – 2.15 % fixed for 4 years.
If you have had a mortgage for a few years – you will owe less on it and the value of your house will have increased. For example – if you took out a €300,000 mortgage on a €330,000 house 5 years ago with a rate of 3.7% – you will now owe €260,000. House prices have risen about 40% in the past 5 years – so it is probably worth around €460,00. This works out at a LTV (Loan to Value) of just 57% – which will allow you to get much lower mortgage interest rates . See some examples of Mortgage Switching Calculations .
For LTV under 60% the lowest mortgage rate is currently available from PTSB at 2.05% (Fixed over 4 years)
Using a Mortgage Broker
Sometimes, the large number of different mortgage options available can be overwhelming.
Help is available from Money Sherpa. Their team of experienced and fully qualified mortgage advisors know the mortgage market inside out.
Some lenders , such as Avant and Haven , are only accessible through brokers such as Money Sherpa .
(DFP Mortgages Limited trading as Moneysherpa is regulated by the Central Bank of Ireland.)
Summary of Lowest Mortgage Interest Rates
Updated June 2022
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
You might also want to check these interesting figures on Cashback 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 Cashback :
- Haven will give €5000 cashback on fixed rate mortgages of €250k plus. (excluding 4 year fixed rate green mortgage)
- 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 (not on the 4 year fixed rate) 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.
- KBC will give €3000 to mortgage switchers only and €1500 towards legal fees for all new customers.
- AIB give €2000 cashback for switchers.
If you are looking for a mortgage in Northern Ireland you should visit the Unbiased website where you can get access to Mortgage Advisors in your area.