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 deals from the top lenders in Ireland.

FixedVariable
You have a 80.0% loan to value (LTV)
We found 14 results for you
Sorted by monthly payment
Variable
2.95%
Variable rate
80%
Max LTV
3.0%
Indicative APRC*i
€943.23
Monthly payment
Variable
2.95%
Variable rate
80%
Max LTV
3.02%
Indicative APRC*i
€943.23
Monthly payment
Progress Variable
2.95%
Variable rate
80%
Max LTV
3.02%
Indicative APRC*i
€943.23
Monthly payment
Variable
2.95%
Variable rate
80%
Max LTV
3.02%
Indicative APRC*i
€943.23
Monthly payment
Variable
3.05%
Variable rate
80%
Max LTV
3.11%
Indicative APRC*i
€953.63
Monthly payment
Available to KBC current account customers.
Loyalty Discounted Variable
3.2%
Variable rate
80%
Max LTV
3.2%
Indicative APRC*i
€969.36
Monthly payment
Available to Ulster Bank current account customers.
€1,500 towards legal costs. T&Cs apply.i
€1,500 towards legal costs. T&Cs apply.€1,500 payment as a contribution to your legal fees will be made into the current account from which your mortgage payment is made after mortgage drawdown. This amount is fixed and will not change if your legal fees are higher or lower. T&Cs apply.
Variable
3.25%
Variable rate
80%
Max LTV
3.32%
Indicative APRC*i
€974.63
Monthly payment
Variable
3.35%
Variable rate
80%
Max LTV
3.9%
Indicative APRC*i
€985.23
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
Up to 2% CashbackGet 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 31 December 2021. 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.
Variable
3.5%
Variable rate
80%
Max LTV
3.6%
Indicative APRC*i
€1,001.25
Monthly payment
Up to 3% Cashbacki
Up to 3% CashbackEBS is offering home buyers up to 3% Back in Cash. Get 2% upfront and 1% in 5 years (subject to meeting the terms of the mortgage) of the value of your new mortgage if you are a first time buyer, mover, or switching your mortgage to EBS. T&Cs apply.
Variable Rate with uFirstGold / uFirst Private Discount
3.55%
Variable rate
80%
Max LTV
3.6%
Indicative APRC*i
€1,006.62
Monthly payment
Available to Ulster Bank uFirstGold and uFirst Private current account customers.
€1,500 towards legal costs. T&Cs apply.i
€1,500 towards legal costs. T&Cs apply.€1,500 payment as a contribution to your legal fees will be made into the current account from which your mortgage payment is made after mortgage drawdown. This amount is fixed and will not change if your legal fees are higher or lower. T&Cs apply.
Progress Plus Variable
3.6%
Variable rate
80%
Max LTV
3.69%
Indicative APRC*i
€1,012.01
Monthly payment
Variable Rate with uFirst Discount
3.6%
Variable rate
80%
Max LTV
3.7%
Indicative APRC*i
€1,012.01
Monthly payment
Available to Ulster Bank uFirst current account customers.
€1,500 towards legal costs. T&Cs apply.i
€1,500 towards legal costs. T&Cs apply.€1,500 payment as a contribution to your legal fees will be made into the current account from which your mortgage payment is made after mortgage drawdown. This amount is fixed and will not change if your legal fees are higher or lower. T&Cs apply.
Variable
3.7%
Variable rate
80%
Max LTV
3.8%
Indicative APRC*i
€1,022.83
Monthly payment
€1,500 towards legal costs. T&Cs apply.i
€1,500 towards legal costs. T&Cs apply.€1,500 payment as a contribution to your legal fees will be made into the current account from which your mortgage payment is made after mortgage drawdown. This amount is fixed and will not change if your legal fees are higher or lower. T&Cs apply.
Variable
4.2%
Variable rate
80%
Max LTV
4.3%
Indicative APRC*i
€1,077.88
Monthly payment
Up to 3% Cashbacki
Up to 3% CashbackFirst 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 you can use the comparison table above to compare variable rate deals, and find the right one for you.

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:

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.

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 may also just change it whenever they wish.

2. Pick an initial rate

With a variable rate mortgage, the initial rate is just that because unlike a fixed rate mortgage, it can change at any time.

You should still 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)

Some products require a low maximum LTV e.g. 50%, so if your LTV is higher, you won’t qualify for the offer.

Usually, the lower your LTV is, the better the rate you can get.

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 discounted period, for example, 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 check for fees and compare them, for example, the cost of a valuation fee.

Check 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. 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 could be the answer. You can always switch to a fixed rate deal in the future if you want set 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

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 could save you thousands of euro in interest, 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, and other types also worth considering.

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 04/08/2021