Compare variable rate mortgages

A variable rate mortgage offers you the flexibility to overpay or redeem your mortgage at any time without penalty. Compare variable rate mortgages from Ireland’s best lenders.

FixedVariable
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You have a 57.1% loan to value (LTV)
We found 8 results for you
Sorted by monthly payment
Variable
2.95%
Variable rate
80%
Max LTV
€1,104.20
Monthly payment
Variable
2.95%
Variable rate
80%
Max LTV
€1,104.20
Monthly payment
Progress Variable
2.95%
Variable rate
60%
Max LTV
€1,104.20
Monthly payment
Variable
3.2%
Variable rate
60%
Max LTV
€1,129.33
Monthly payment
The discounted rate will apply for a period of 1 year from the date of loan issue, but may change within the 1 year discount period (and/or at any time prior to drawdown of the loan). After 1 year your discounted mortgage rate will revert to one of our managed variable rates in line with your LTV at the time of loan issue (this will be 0.50% higher than your discount rate)”). Discount for new customers only.
Up to 2% Cashbacki
Get 2% of the value of your mortgage back in cash. Cashback paid within 40 working days of mortgage drawdown. Offer available on both variable and fixed rate mortgages. Offer available to qualifying applicants who receive their full mortgage Letter of Approval on or before 31st March 2023. Exclusions apply. You can also get 2% of your monthly mortgage repayments back in cash every month until 31 December 2027, when you pay from an Explore Account. T&Cs apply.
Progress Plus Variable
3.25%
Variable rate
60%
Max LTV
€1,134.39
Monthly payment
Variable
3.5%
Variable rate
80%
Max LTV
€1,159.92
Monthly payment
Variable
3.7%
Variable rate
60%
Max LTV
€1,180.58
Monthly payment
Variable
3.9%
Variable rate
60%
Max LTV
€1,201.45
Monthly payment
Up to 3% Cashbacki
First time buyers, home movers and switchers can receive 2% of your new mortgage back as cash upfront. If you are a Bank of Ireland current account customer, get an additional 1% of the original mortgage amount as Cashback after 5 years (subject to meeting the terms of the mortgage). T&Cs apply.
* Indicative APRC (Annual Percentage Rate of Charge): calculations are based on a typical mortgage of €100,000 over a 20 year term.

How to choose the best variable rate mortgage

Once you’ve found out how much you can borrow use our mortgage search to compare variable rate deals.

Here are a few things you should consider:

  1. Type of variable rate
  2. Initial rate
  3. Maximum loan to value (LTV)
  4. Minimum mortgage balance
  5. The terms of the deal

1. Choose a type of variable rate

There are several different types of variable rate mortgages and all of them work slightly differently so it’s important to understand the difference. Not every lender offers every type, but the main ones are:

Standard variable rate (SVR)

This is the lender’s variable rate that you usually default to at the end of a fixed or discounted period.

It’s usually the most expensive rate and isn’t specifically linked to the ECB rate. Lenders often change their SVR when the ECB rate goes up or down, but they can change it whenever they wish.

Discounted variable rate

This is a variable rate that’s lower than the standard variable rate (SVR) and runs for a set term, usually a year. At the end of the discounted period, the rate will revert to the SVR, or you can switch to a fixed rate mortgage.

Capped variable rate

This is a variable rate that can’t go above the rate it’s capped at during the term, even if the European Central Bank (ECB) rate goes up. It offers some peace of mind and the ability to budget as you can work out what your maximum monthly repayments will be.

2. Pick an initial rate

With a variable rate mortgage, the initial rate is simply the rate you start off with. Unlike a fixed rate mortgage, it can change at any time. Pick a deal that offers a low initial rate because the lower the rate the less you’ll pay in interest and the lower your repayments will be.

3. Check the maximum loan to value (LTV)

The lower your LTV is, the better the interest rate you’ll be offered. Some products may require a low maximum LTV e.g. 50%, so if your LTV is higher, you won’t qualify for the offer.

4. Check the minimum mortgage balance

If you’ve already paid off a chunk of your mortgage, or you only started out with a small mortgage, you need to double-check the minimum mortgage balance accepted. For example, if it’s set at €50,000 and your remaining balance is €45,000, you won’t be eligible to apply.

5. Check the terms of the deal

If there’s a discount period, check how long this will last, or if the rate is capped, work out what your maximum repayment could be. You may also wish to compare any fees and charges.

Decide if a variable rate mortgage is right for you

A variable rate doesn’t guarantee set payments like a fixed rate mortgage, but it does offer a lot of flexibility and you can do any of the following, penalty-free:

Overpaying your mortgage can reduce the interest you pay overall, and reduce your mortgage term.

If flexibility is more important to you than stability, a variable rate mortgage is an option worth considering. You can always switch to a fixed rate deal in the future if you want to fix the interest rate and payments.

Variable rate mortgage FAQs

Can I overpay my mortgage?

Yes. With a variable rate mortgage, you can overpay as much as you like, whenever you like, without penalty. Here’s more on overpaying your mortgage.

What is a tracker mortgage?

A tracker is a type of variable rate mortgage that tracks the European Central Bank (ECB) rate, at a set percentage above or below.

This means that the rate automatically changes when the ECB rate changes, unlike with other variable rate mortgages that aren’t directly linked to the ECB.

Trackers aren’t available anymore because lenders lost too much profit when the ECB rate dropped to 0%. If you already have a tracker, you may be able to keep hold of it, even if you move home.

For example, if you have a Bank of Ireland tracker mortgage, they offer a Tracker for Movers product, that will continue to track the ECB rate.

When can I switch to another mortgage deal?

With a variable rate mortgage you’re free to switch whenever you like.

You’ll need to meet the lending criteria in order to switch, and if you switch lenders too, you’ll have to go through the mortgage application process in full.

Here’s how to prepare for a mortgage application.

When will my variable interest rate change?

Lenders usually increase or lower their rates in line with the ECB rate but not always. They may choose to change their standard variable rate whenever they like.

Compare mortgage rates & deals

Find the best first time buyer and home mover mortgage deals in Ireland using our comparison.

Your complete guide to mortgages in Ireland

Whether you’re buying your first home, switching mortgages, or moving, this guide has everything you need to help you prepare. Here’s how the mortgage process works from start to finish.

How to switch to a better mortgage deal

Switching your mortgage to a better interest rate could save you thousands of euro or help you reduce your loan term. Here’s how to find the best switcher mortgage.

How much can I borrow mortgage calculator

You can use our free mortgage calculator to work out how much you might be able to borrow from mortgage lenders in Ireland.

What insurance do you need with your mortgage?

Getting the right insurance to protect you and your home financially is vital. Here’s the insurance you need in Ireland, and other types you may want to consider.

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 29/09/2022