There are two main types of mortgage rates in the Irish market, a fixed mortgage rate and a variable mortgage rate. Lenders have focused on offering more favourable offers of fixed-rate mortgages.
Currently, all of the top 24 mortgage deals on the fixed rate market has an APR of less than 2.7%. As a result, more than 80% of new mortgages are currently fixed rate mortgage deals and people will almost certainly be better off with a fixed rate mortgage. This is the downside of a fixed period. The rate available to you will depend on the size of the loan you need divided by the value of the home. The lower the value of the loan (LTV), the cheaper the rate is. It’s a good idea to talk to a broker or mortgage sash and choose the lender most likely to approve you. Mortgage advisers are usually free
to use because their creditors pay them commission. So working with a broker often gives you access to better rates.
AIB Group: Variable rates 90% LTV mortgages from 3.15%
Permanent tsb: 5-year fix <80% LTV 3.2% (2% cash back + monthly discount) (Permanent tsb are very expensive)
KBC: 10-year fixes rates start at 2.85% for low value and value positions below 60% (KBC has recently improved its fixed rates and now offers five-year fixed rates from 2.5%)
This post was written by Veronika Pluháčková who was a research intern at Irish Mortgage Brokers in May of 2022.