Compare Ireland’s mortgage interest rates
Discover the best, low rate mortgages for switchers and first time buyers from Ireland’s top lenders. Get the latest mortgage fixed interest rates and save hundreds.
How it works
- Search Simply tell us about your mortgage requirements so we can search the market.
- Compare Choose the best deal for your needs from one of Ireland’s lenders.
- Apply Enter your details to arrange a callback from a mortgage broker.
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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.
- Part 1 How mortgages work
- Part 2 Types of mortgages
- Part 3 Borrowing with a mortgage
- Part 4 How make a mortgage application
- Part 5 How to switch your mortgage
- Part 6 Other mortgage matters
Latest Update
Mortgages roundup
ICS to slash variable mortgage rates in February
13/12/2024: ICS Mortgages is to cut its variable rates following the European Central Bank, which cut rates by 0.25% yesterday.
From February 2025, Owner Occupier variable rates will reduce by 0.25% and 0.41%, depending on the loan to value.
Buy-to-Let variable rates will also reduce by 0.25%.
ECB cuts Eurozone rates by 0.25% again
12/12/2024: The European Central Bank (ECB) has announced a further 0.25% interest rate cut, the fourth drop this year. The move is in response to rapidly falling inflation rates.
The latest decrease in the ECB refinancing rate - the rate tracker mortgages are based on, takes it to 3.15%. These customers will see their rates cut immediately.
The latest drop may prompt mortgage lenders to reduce their variable and fixed rate mortgages.
Mortgage interest rates drop to lowest level in 18 months
11/12/2024:The average mortgage rate in Ireland fell to 4.03% in October, latest figures from the Central Bank reveal.
This is down from 4.27% for the same time last year, and leaves Ireland with the sixth highest mortgage rates in the Eurozone - who have an average rate of 3.52%.
The Central Bank figures for Ireland show the average variable rate was 4.39%, while the average fixed rate stood at 3.89%.
Non-bank lender MoCo slashes fixed-term mortgage rates again
09/12/2024: MoCo has cut their fixed term interest rates again, by an average of 0.18%.
The lender’s 3-year fixed mortgage rates are dropping by an average of 0.22% while their 5-year product will fall by an average of 0.14% - with the exact decrease depending on your loan-to-value (LTV).
The average interest rate across both fixed-terms now stands at 3.71%, down from an average of 3.90%.
Mortgage approvals for first time buyers hit record high
3/12/2024: Mortgage approvals for first-time buyers have reached record highs in both volume and value, driven by continuously falling interest rates.
Data from the Bank and Payments Federation Ireland (BPFI) reveals that October saw 4,829 mortgage approvals, marking a 13% increase from the previous year. Of these approvals, first-time buyers made up 2,981, representing a 10.9% rise.
In October the ECB cut interest rates by 0.25% with another cut forecast in December.
Finance Ireland cuts variable rates by 0.25%
27/11/2024: Finance Ireland has reduced its variable rates by 0.25%, effective from 27 November 2024.
The announcement comes after the European Central Bank cut rates for the third time this year.
The reduced rates will benefit new and existing owner-occupiers and buy-to-let customers on variable rate mortgages.
Bank of Ireland to cut fixed mortgage rates by 0.5%
19/11/2024: Bank of Ireland has reduced the interest rate across its full suite of fixed rate products by 0.5%.
The reduced rates are available to all new and existing customers from 19 November and apply to all properties regardless of BER rating.
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.
Many banks also offer discounted rates on green mortgages, which, in most cases, are for homes with a Building Energy Rating (BER) of at least B3 or higher.
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 expert 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.
Interest rates are dropping, but Ireland still has the sixth highest mortgage rates in the Eurozone. Right now, there’s a €7,405 difference in annual payments between the highest and lowest mortgage rates available, with homeowners potentially saving up to €617 a month by switching and securing the lowest rate.
If you’re approaching the end of your fixed deal, start your search in advance so you don’t languish 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.
Eoin Clarke
How much can you borrow?
Our mortgage calculator can help you work out the maximum loan you might be able to borrow based on your income and deposit in just a few clicks.
Visit our one-stop mortgage calculators page for more tools.
- mortgage repayment calculator
- stamp duty calculator
- how much can you borrow calculator
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
A first time buyer mortgage is not a specific type of mortgage, but rather a category that lenders may target with particular mortgage products.
Your mortgage payments will take a large chunk of your income each month, so 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
With interest rates changing, many homeowners are wondering whether it’s time to hunt for a better mortgage deal.
Switcher mortgages are for those who want to switch their mortgage to a new lender and take advantage of better interest rates or terms.
This can be a great way to save money on your monthly payments or to pay off your mortgage faster. Many lenders offer incentives such as cashback or free legal fees to attract switchers.
To find great rates, talk to a mortgage broker or compare switcher mortgages.
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 or 12 months.