The ECB will continue to raise the interest charges over 2% by the end of the year 2022. In 2023 it will be up to over 3%. If you are a first time buyer you must have 10% of the whole house price. If you have more than 10%, your rates will be lower. There are a lot of products out there and you must have a look at which one is the best for you. There are products for first time buyer, second time buyer, self builder and switcher. Some of them have some special products like green mortgages or for renovator.
The following companies were compared: Bank of Ireland, Finance Ireland, Avant Money Mortgages, ICS Mortgages, Permanent TSB, Haven, AIB, EBS.
Bank of Ireland has a lot of offers when you get a mortgage. If you get your first mortgage with this bank, they will give you 2000€ for saving up. They also have a cashback system, so if you take a mortgage there they will give you 2% cashback of the mortgage and 1% extra cashback if you are a first time buyer. The green mortgage is another important product of the bank of Ireland, because you get a discount of 0.30% off the standard mortgage loan fixed rates. Your new house must have a B3 in the Building Energy Rating (BER). If you fix your rate for just one year you will have a rate of 2.90%, this is the lowest rate. If you fix it for 10 years you will have a rate of 3.50% and if you have a variable rate then you will have 4.50%, this is the highest rate.
Finance Ireland is focused on fixed rates, so the homeowners have terms of 3 to 25 years. If you take a mortgage for 59% or less of your value of the house and fix it for 10 years you will get a rate of 4.45%, this is the lowest rate. If you take 90% or less of the value and fix it for 25 years you will have a rate of 5.07%, this is the highest rate of the Finance Ireland.
Avant Money Mortgages mostly advertises for low rates and big fixed terms. So you can choose between 3 and 30 years of fixed terms. The lowest rate is 2.25% and it has a term of 3 years and the mortgage can take 60% or less of the value. If you fixed your rate for 10 years and take 80 to 90% of the value you will have a rate of 3.70%, which the highest.
ICS is a specialist in buying to let mortgages and mortgages for public sector workers. There you can overpay your mortgage up to 20% in any year. They also got a lot of industry awards for their work. The lowest rate is 3.70% for 60% or less of the value and a variable interest charge. You will have the highest rate (4.21%) if you fixed your rate for 5 years and the loan is 90% or less of the value of your house.
Permanent TSB also has a green mortgage, it is fixed for 5 years and you will be qualified if your building energy rating is of A1 to B3 (Inclusive). The rates start from 2.35%. If every document is filled out correctly then they just need 72 hours to answer you for the mortgage.
The green mortgages is also a product of Haven Mortgages. The fixed rate is 4 years and has a lower rate than other mortgages. You also must have a BER of A1 to B3. If you are allowed to have this you can have a rate of 2.00%. The highest rate there is 3.15% fixed for one year and the lowest rate is 2.55% for five years. They are attractive for costumers, because of the good training and interpersonal interactions.
AIB has a mortgage online tool to make it easier to apply for mortgages. You can upload your documents on your mobile, track your application or talk to your clerk. They also have a green mortgage fixed for 5 years. Your building must have a BER of A1 to B3 and you can have a rate of 2.1%. You can also have a lower rate if you borrow more than 250,000€. You can fix your rate of 2.15% for 4 years. The lowest rate is 2.20% if you fix it for 4 years and you can take 50 to 80% of your value. The highest rate is fixed for 10 years and you can rent 50% to 80% of the value of your home and have 3.20%.
EBS is a subsidiary of the AIB bank and also has green mortgages. They are fixed for 4 years and have a rate of 2.10%. The highest rate is 2.90% and is fixed for 1 year. The lowest rate is 2.75% and can be fixed for 3 or 5 years.
This post wast written by a research intern at Irish Mortgage Brokers in October of 2022.
