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

118% jump in First Home Scheme purchases

12/04/2024: Homes bought through the government’s first time buyer scheme has almost doubled since last year, with 4,005 approvals and 1,517 homes bought so far.

New figures show that numbers of those interested in the scheme has jumped, with 262 applying in Jan-March 2024 compared to 120 in the same period of 2023.

The applicant age profile was between 25-44, and the average support received by each buyer was €66,642.

More couples availed of the scheme, too: 957 vs 560 single buyers, while 66% also availed of the government’s Help to Buy Scheme.

AIB, EBS and Haven cuts green fixed rates by 0.2%

08/04/2024: AIB and its subsidiaries EBS and Haven will cut their fixed green mortgage rates from tomorrow.

AIB’s 5-year fixed rate will drop to 3.45% for those with a LTV of less than 50%, and to 3.64% for those with a LTV of 80-90%.

EBS’s green, 4-year fixed rate will drop to 3.55%, while Haven’s will drop to 3.45%.

The new rates will be available to both new and existing customers.

The bank said a monthly repayment on a new €300,000 AIB 5-year green fixed rate mortgage with a LTV of 50-80% over 25 years will cost €1,508.70.

Compared to previous rates, it will save customers €387.36 annually.

Credit unions offering lowest mortgage rates in Ireland

02/04/2024: New figures show that credit unions have the lowest interest rates in the market.

The average rate charged by credit unions is 3.72%, compared to 4.27% for banks and non-bank lenders.

The difference between these two rates means borrowers could save around €720 a year on repayments.

Around 100 credit unions offer mortgages in Ireland, and new legislation will soon allow credit unions who don’t offer mortgages to refer customers to a branch that does.

PTSB cuts four-year fixed rate and launches new green rate

22/03/2024: PSTB have cut their four year fixed rate for new customers by 0.3%.

The new fixed rate rates - 3.8%, 3.9% or 4.05%, depending on the loan-to-value of the mortgage - will come into effect from today.

A customer with a mortgage of €250,000 over 30 years would save €44 a month.

The bank is also launching a 3.8%, green three-year fixed rate for new customers.

Average interest rates increase to 4.27% in January

14/03/2024: Average mortgage interest rates increased to 4.27% in January.

The latest Central Bank figures show a slight increase of 0.08% from December, when rates sat at 4.19%.

After a sharp rise of interest rates in 2023 and despite a small increase in January, Irish rates are becoming more steady.

They are currently close to the Eurozone average.

Average interest rates drop by 0.06% in December

15/02/2024: Average mortgage interest rates dropped for the third month in a row last December.

New figures show the average rate for a new mortgage in December was 4.19%, a drop of 0.06% from the previous month.

The Central Bank said this meant Ireland had the 10th lowest rates in the Eurozone, but Interest rates here were still up 1.5% since last year.

Irish homeowners due up to €1,250 tax back

05/02/2024: As of 1 February 2024 mortgage holders can submit a claim online for interest paid in 2023 up to a maximum value of €1,250 under a new Mortgage Interest Tax Relief scheme.

The new tax relief is available for homeowners with an outstanding mortgage balance on their main residence of between €80,000 and €500,000. Over 200,000 mortgage holders are eligible to benefit from the scheme.

From 1 February PAYE taxpayers can submit a claim for this relief by logging on to Revenue’s myAccount service and filing an income tax return for 2023. The same tax relief will be available for self-assessed taxpayers from mid-February.

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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Total income
This is your total annual income, if you're applying for a joint mortgage with someone else, include your combined annual income.
This is how much money you have to put towards buying your new home. If you're an existing homeowner, include the total amount of equity you have in your current property.

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 18/04/2024