Compare Ireland’s mortgage interest rates

Discover the best, low rate mortgages for switchers and first time buyers from Ireland’s top lenders.

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Guide

Your complete guide to mortgages in Ireland

Whether you’re buying your first home, switching your mortgage, or moving, we can help you prepare for your mortgage journey.

Read now

Latest Update

Mortgages roundup

Finance Ireland and ICS cut variable rates by 0.25%

07/06/2024: Following cuts by the European Central Bank (ECB), non-bank lenders ICS and Finance Ireland are reducing their variable rates by 0.25%.

The new rates are for own-occupier first time buyers, movers and switchers.

Finance Ireland’s variable rates will fall to 6.5%- 6.9% and take effect from June 27th; while ICS Mortgage rates will fall to 6%-6.15%, and come into effect July 1st.

The cheapest variable rates currently on the market range from 3.75% to 4.15%.

ECB cuts rates by 0.25%, first drop in five years

06/06/2024: The European Central Bank (ECB) has cut euro zone interest rates by 0.25% for the first time since 2019.

The refinancing rate on which tracker mortgages are based has dropped from 4.5% to 4.25% and will take effect on 12 June 2024.

This will help borrowers with variable or tracker mortgages. Those on fixed rate mortgages will not see a change in their monthly payments.

The ECB said the decision to cut rates was made due to the easing in the rate of inflation in the euro zone.

ICS Mortgages to slash interest rates by 0.5%

22/05/2024: ICS Mortgages has announced its cutting its interest rates by 0.5% for first time buyers and home movers. This would bring its five-year fixed rate to 5% and its three-year rate to 5.25% from 1 June 2024. Variable mortgage rates remain the same.

ICS Mortgages also reported it was making several changes to its lending criteria, including extending the lending term until the age of 80 for owner-­occupier borrowers.

PTSB reduces mortgage rates by up to 1%

15/05/2024: PTSB is cutting its mortgage product rates by up to 1% in the third rate cut since December 2023.

Its three-year fixed rate for new and existing customers will drop by 1.05%, meaning rates as low as 3.7% for some customers. The green mortgage rate for those borrowing more than €250,000 will be reduced to 3.5%.

The new mortgage rates will come into effect on 29 May 2024.

Mortgage switching rates drop by 53% in 2024

03/05/2024: The number of homeowners switching their mortgage has dropped by 53.1% in the first three months of 2024, vs the same period last year.

New research from the Banking and Payments Federation Ireland (BPFI) reveal that mortgage drawdowns for switchers fell from 2,098 in Jan-Mar 2023, to just 983 this year.

Most switchers may have already locked into lower, fixed rates after the spate of interest rate hikes by the European Central Bank.

Though the number of first-time-buyer mortgages has dropped too - by 19.8% - they are still the largest segment of the market, with 8,419 draw downs in Jan-Mar 2024.

Avant Money cuts rates, offers 1% cash back deal

03/05/2024: Avant Money is the latest lender to slash its interest rates.

Its four year fixed rates will drop to 3.6% for those with a LTV of up to 80%, and 3.8% for LTVs of over 80%.

All other fixed rates will drop to 3.7%-3.95%, depending on the term and LTV.

If you have applied for a mortgage but haven’t drawn it down yet, you can avail of the new rates from May 3rd.

The lender is also launching a 1% cash back deal for mortgage switchers.

AIB, EBS and Haven increase switcher incentive to €3,000

22/04/2024: AIB Group has increased the payment for eligible mortgage customers who switch to AIB, EBS, or Haven to €3,000.

The €3,000 payment, up from the previous €2,000, helps cover the costs associated with switching. The incentive aims to encourage mortgage customers to switch, particularly those whose fixed-rate mortgages are ending.

‌The payment is also available for any customers who have an application underway and draw down their mortgage from 27 May 2024.

Our expert says

Buying a home is exciting but stressful, and choosing the right mortgage is daunting for even the most seasoned homebuyers.

One of the first challenges is to work out how much you can borrow to secure your dream home. You’ll also need to decide the mortgage term and whether a variable or fixed rate mortgage offers the best value.

Fortunately, there are mortgage products specially designed for every stage of the homeowning journey. Whether you’re a first-time buyer, switcher or home mover, there’s a lender to meet your needs and a mortgage to match.

If you’re a first-time buyer, take your time to understand how mortgages work and what steps you must take. If you need help choosing or applying for a mortgage consider advice from a mortgage broker.

Home movers and switchers should always shop around before signing up for a new fixed rate mortgage. It’s tempting to stay with your bank, but you may find a better interest rate with another lender.

They average interest rate on a variable mortgage is now at 4.46%*, so if you are coming to the end of your fixed deal, start your search in advance so you’re not languishing on your lender’s variable rate for too long.

Compare the indicative APRC (Annual Percentage Rate of Charge) to find the best deal and price in any cashback offers or fees.

*Source: Central Bank.ie

Eoin Clarke

Eoin Clarke

How much can you borrow?

Our mortgage calculator can help you work out the most you might be able to borrow with a mortgage based on your income and deposit in just a few clicks.

Visit our one-stop mortgage calculators page for more tools.

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Six essential first-time buyer tips

Get your credit record in shape

Your credit record indicates how likely you are to repay your debts successfully and is based on past borrowing on credit cards, loans or a mortgage. Lenders will review your credit record to help them decide:

  • Whether they will lend to you
  • How much they can lend you
  • What interest rate they can offer you

Find out what steps you can take to boost your credit rating in our guide, How to check your credit rating.

Save as much deposit as you can

All lenders require a mortgage deposit when you buy a residential property in Ireland. You’ll need at least a 10% deposit as a first-time buyer.

The larger your deposit, the less you have to borrow to cover the cost of your home, and a low loan to value (LTV) can help you secure the cheapest mortgage interest rates. A smaller deposit may also restrict the choice of mortgage deals available.

Read our guide to learn more about mortgage deposits in Ireland.

Take time to compare lenders and rates

Your mortgage payments will take a large chunk of your income each month, so it pays to shop around for the lowest interest rate and cheapest mortgage deals.

Don’t forget to factor in any product charges and legal fees. It’s worth considering cashback mortgages, but weigh up the potentially higher interest rate.

Always compare the Annual Percentage Rate of Charge (APRC) because this shows the overall cost of the mortgage.

Seek mortgage advice from a broker

A mortgage is often a lifelong commitment, so having an expert on hand to guide you through the application process and answer your questions can be helpful. Mortgage brokers know the mortgage market inside out and can find the best mortgage for your needs and circumstances.

A mortgage intermediary can be especially useful if you’re self-employed, planning a self-build or have bad credit. Read our article Should you use a mortgage broker? to learn more.

Secure an Approval in Principle

An Approval in Principle (AIP) is a letter from a lender showing the amount they could lend you. It isn’t a guarantee of a mortgage, but it can show sellers and estate agents you’re a serious buyer.

If you make an offer on a property, you’ll have a better chance of success if you have an Approval in Principle in place. Once you have a mortgage in principle confirmed it lasts 6 months.

Learn more about how the process works in our guide How to get a mortgage Approval in Principle in Ireland.

Explore Help to Buy schemes

There are several Government schemes that could help you buy your first property; these include:

  • Help to Buy (HTB) Scheme: This is an incentive for first-time buyers or self-builders who are purchasing a property to live in as a home. It helps with the deposit you need to secure a mortgage. If you qualify you’ll get a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland.
  • Local Authority Home Loan: This offers Government backed mortgages for first time buyers and fresh start applicants. The loan can be used to purchase new builds, older properties or for self-build homes up to 90% of the property’s market value.
  • Mortgage Allowance Scheme: An option for local authority or housing association tenants who wish to buy a private house. Under the scheme, you could get an annual allowance payable over five years to help with your mortgage payments, worth up to €11,450.
  • First Home Scheme (FHS): A new government-backed scheme to help first-time buyers get on the property ladder. The FHS aims to make house purchase more affordable by supporting homebuyers with the cost of up to 30% of a new home.

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Switcher mortgages

Is it time to switch your mortgage?

With interest rates on the rise, many homeowners are wondering whether it’s time to hunt for a better mortgage deal.

Consider a switcher mortgage when…

  • Interest rates are increasing or predicted to rise
  • Your fixed rate deal is about to end or has finished
  • You want to pay off your mortgage earlier

Talk to a mortgage broker or compare switcher mortgages to find out more.

Mortgage jargon explained

Buying a house and getting a mortgage is like learning a new language. Here’s what the jargon means.

Indicative APRC

It’s the Annual Percentage Rate of Charge and covers the initial interest rate, all fees and future rates if you don’t switch. It helps people compare home loan costs fairly.

Loan to value (LTV)

LTV is how the loan’s size compares to the property’s overall value. So if the house you want to buy costs €300,000 and you need to borrow €255,000, you’ll have an LTV of 85%.

Stamp Duty

It’s a tax you must pay when transferring ownership of a property. Stamp duty is due when a Deed of Transfer or Deed of Conveyance is required to transfer ownership in Ireland.

Approval in Principle

An Approval in Principle (AIP), is a letter from a lender showing the amount they could lend you, based on some initial checks. It’s free to get an AIP, and usually valid for six months.

Warning: If you do not keep up your repayments you may lose your home. Warning: The cost of your monthly repayments may increase. Warning: You may have to pay charges if you pay off a fixed rate loan early. Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future. Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period. The payment rates on this housing loan may be adjusted by the lender from time to time. (applies to variable rate loans only) Information provided and Interest rates quoted valid at 17/06/2024