ALL YOU NEED TO KNOW ABOUT
ALL YOU NEED TO KNOW ABOUT
Best Mortgage
Rates in Ireland
ALL YOU NEED TO KNOW ABOUT
Best Mortgage
Rates in Ireland
If you are planning to take out a mortgage, it is paramount to ensure that you compare different rates as they tend to differ. You can check out the different rates in the Your Mortgage Options section of the Switcheroo Portal, but we wanted to provide you with an overview of different rate types and costs in Ireland. An ideal rate will help you save a significant amount of money.
Our mortgage rates analysis will assist you in comparing rates different lenders are offering you. However, it is paramount to note that your LTV (Loan to Value), profile and product needs plays a significant role in determining the rate your lender gives you.
If you are planning to take out a mortgage, it is paramount to ensure that you compare different rates as they tend to differ. You can check out the different rates in the Your Mortgage Options section of the Switcheroo Portal, but we wanted to provide you with an overview of different rate types and costs in Ireland. An ideal rate will help you save a significant amount of money.
Our mortgage rates analysis will assist you in comparing rates different lenders are offering you. However, it is paramount to note that your LTV (Loan to Value), profile and product needs plays a significant role in determining the rate your lender gives you.
What is a Good Mortgage rate for an
Irish Mortgage?
A good mortgage rate is entirely dependent on you as a borrower and what you are looking for. Lenders tend to offer a variety of rates but to get an ideal mortgage rate, factors such as mortgage size, LTV, deposit size, and fixed period play a very significant role.
For instance, a person with a low LTV will enjoy a low mortgage rate compared to one with a high LTV. You can save a significant amount of money if you qualify for lower rates. By searching for and getting the lowest rates Irish, consumers save tens of thousands.
Best Mortgage Rates in Ireland
The mortgage rate is defined as the specific amount of interest that a lender charges on your mortgage. The rates can either be fixed or variable. A fixed rate is set for a period of time and is not bound to change within that period.
A variable rate, on the other hand, is determined by the trending of benchmark rates in the capital markets. Right now, the lowest mortgage rate In Ireland is 3.3%. This is available for any customer who has an LTV of 60% or lower. For the very same LTV there are rates as high as 6.5%
Current Mortgage Rates in Ireland
When you select a fixed mortgage rate, you will make a fixed payment each month for the whole term of the fixed period. However, for variable rates, the rate will tend to change depending on movements in the wider capital markets.
Typically, lenders are offering lower fixed rate products, but when the fixed term ends the customer moves onto a higher variable product, which is called the Standard Variable Rate (SVR) or Follow-on Rate, these are as high as 6.9% today. Shorter term fixed products tend to be the lowest as the longer the fixed period the more risk the lender takes that the capital markets change. If you move from a fixed term product there may be a penalty so they can lock-in customers for several years.
The variable rates tend to be higher than fixed rates, but this will depend on the term of the fixed product you are comparing it to. Variable rates have less interest rate risk for the lender, but customers are allowed move from these products without penalty.
What is a Good Mortgage
Rate for an
Irish Mortgage?
A good mortgage rate is entirely dependent on you as a borrower and what you are looking for. Lenders tend to offer a variety of rates but to get an ideal mortgage rate, factors such as mortgage size, LTV, deposit size, and fixed period play a very significant role.
For instance, a person with a low LTV will enjoy a low mortgage rate compared to one with a high LTV. You can save a significant amount of money if you qualify for lower rates. By searching for and getting the lowest rates, Irish consumers save tens of thousands.
Best Mortgage Rates in Ireland
The mortgage rate is defined as the specific amount of interest that a lender charges on your mortgage. The rates can either be fixed or variable. A fixed rate is set for a period of time and is not bound to change within that period.
A variable rate, on the other hand, is determined by the trending of benchmark rates in the capital markets. Right now, the lowest mortgage rate In Ireland is 3.2%. This is available for any customer who has an LTV of 60% or lower. For the very same LTV there are rates as high as 6.15%
Current Mortgage Rates in Ireland
Mortgage brokers in Ireland, also known as “intermediaries” and “mortgage advisors”, will help you find the right mortgage loan for your needs while handling most of the paperwork to speed up the approval process.
When you select a fixed mortgage rate, you will make a fixed payment each month for the whole term of the fixed period. However, for variable rates, the rate will tend to change depending on movements in the wider capital markets.
Typically, lenders are offering lower fixed rate products, but when the fixed term ends the customer moves onto a higher variable product, which is called the Standard Variable Rate (SVR) or Follow-on Rate, these are as high as 6.9% today. Shorter term fixed products tend to be the lowest as the longer the fixed period the more risk the lender takes that the capital markets change. If you move from a fixed term product there may be a penalty so they can lock-in customers for several years.
The variable rates tend to be higher than fixed rates, but this will depend on the term of the fixed product you are comparing it to. Variable rates have less interest rate risk for the lender, but customers are allowed move from these products without penalty.
What are the Pros of Variable Mortgage Rates?
You can overpay on your mortgage
You can switch mortgage without penalty
Cons of the Variable Rates
Typically, more expensive than short terms fixed products
Quite tricky to budget since the rates fluctuate occasionally
What are the Pros of Fixed Mortgage Rates in Ireland?
The rate does not fluctuate throughout the term of the loan
Relatively easy to budget for the fixed period
The buyer is protected from sudden fluctuations in the wider market
Cons of Fixed Rate Mortgage in Ireland
If the wider market rates are trending down, you are locked in.
Attracts penalties if you decide to change the mortgage within the predetermined time
While Variable and Fixed rate mortgages were the traditional mortgage category there have been recent changes in the market with new product types. There are now medium- and long-term fixed rate products from 7 years up to 30 years.
The larger banks of AIB, PTSB and Bank of Ireland have all introduced green mortgages which come with discounts if you have an energy efficient home.
There are also cashback mortgages where the customer receives a % of the mortgage amount back when they take out the mortgage and sometimes in intervals afterwards. These can be attractive options for customers who are looking for additional cash to pay property related expense e.g., furniture or legal fees
Best Variable Rates
Variable rates offer flexibility when it comes to mortgage rates. If you are unsure of the advantages of fixed rates or don’t want to attract penalties because of changing a fixed mortgage rate, you can opt for the variable mortgage rates. Here are the lowest rates available:
| Rate | |||
|---|---|---|---|
| LTV | 50% | 3.3% | |
| 60% | 3.5% | ||
| 70% | 3.5% | ||
| 80% | 3.5% | ||
| 90% | 3.7% | ||
Best Short-Term Mortgage Rate
A short mortgage tends to run for a shorter period of 1-7 years, here are the lowest available:
| Term | |||||||
|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 7 | ||
| LTV | 50% | 4.35% | 4.35% | 3.6% | N/A% | 3.8% | N/A% |
| 60% | 4.35% | 4.35% | 3.6% | N/A% | 3.8% | N/A% | |
| 70% | 4.35% | 4.35% | 3.6% | N/A% | 3.8% | N/A% | |
| 80% | 4.35% | 4.35% | 3.6% | N/A% | 3.8% | N/A% | |
| 90% | 4.35% | 4.35% | 3.95% | N/A% | 3.8% | N/A% | |
Factors to Consider when Selecting
Best Rate Mortgages in Ireland
You need to review some important factors to take advantage of the best mortgage rate available in Ireland in 2023.
Here are some top things you should have in mind when selecting a mortgage to finance your dream home:
Factors to Consider when Selecting
Best Rate Mortgages in Ireland
You need to review some important factors to take advantage of the best mortgage rate available in Ireland in 2023. Here are some top things you should have in mind when selecting a mortgage to finance your dream home.
The Approval Rate
Different mortgage lenders in Ireland have set their standards to determine who qualifies for a mortgage in Ireland. Some of the vital information that lenders check include:
. Credit history: Banks will check how you have made your debt payments on other loans. If you have a good track record of paying loans on time, you will have a higher chance of qualifying for a loan.
. Income and employment history: most lenders want a borrower with a stable income. You will likely qualify for a mortgage if you have a solid employment history.
. Down payment: if you have a larger down payment, you will have a higher chance of obtaining a mortgage.
In Ireland, a lender such as Finance Ireland offers mortgages to borrowers with a low income and is the best choice for you. ICS, on the other hand, tends to provide a larger loan to people working in the public sector.
The first and most important thing to consider when selecting the best-fixed rate mortgage in Ireland is the fixed term you are looking to lock in for and the LTV of the mortgage you need.
Borrower Type
Another thing that determines how fast you can qualify for a mortgage is your status as a borrower. Most lenders will check the type of home you are buying and whether you are a new buyer or want to invest in an already built home. Lenders such as PTSB even offer mortgages to people who are building a new property.
Consider Brokers
A broker perfectly understands the lending market and will offer the best advice when selecting the best mortgage rates in Ireland. A broker can also negotiate the best rates for you as the borrower. Additionally, the broker understands all the legal terms and contract terms of a mortgage and will help negotiate the best possible deal.
Ideally, most lenders such as Finance Ireland and Avant Money work with professional lenders to ensure you get the best deal. The brokers can also help identify each lender’s advantages and disadvantages. Read all about mortgage brokers in Ireland
Benefits of a Cashback Mortgage
Cashback is one of the advantages of a mortgage. The cashback can either be a fixed amount of money or a certain percentage of the loan value. Essentially, you can use the money for other purposes.
Bank of Ireland offers a cashback amount when you obtain a mortgage from them. On the other hand, Haven offers a certain amount that helps cover costs such as estate agent fees and solicitors.
Although selecting a lender that offers cashback is imperative, a lender with a lower rate is quite beneficial in the long run.
Mortgage Protection
Mortgage protection is a cover that protects you as the borrower in case you die before you finish paying off your mortgage. The insurance helps to lower the risk to a lender after granting you a loan. The lender is legally required to make sure you have mortgage protection insurance before giving you a mortgage.
Bottom line, whether you are a
first-time home buyer, mover, or
investor,
it is essential to be proactive when selecting the best mortgage rate in Ireland. As noted in our mortgage comparison of rates, the lowest is a rate of 3.2% and is the best mortgage rate for switchers and the best mortgage rate for Irish first-time buyers.
You can also check all mortgage providers who offer the best current mortgage rates in Ireland. To ensure that the process of acquiring the best mortgage rates goes smoothly, you should consult one of our qualified mortgage advisors.
Benefits of a Cashback Mortgage
Cashback is one of the advantages of a mortgage. The cashback can either be a fixed amount of money or a certain percentage of the loan value. Essentially, you can use the money for other purposes.
Bank of Ireland offers a cashback amount when you obtain a mortgage from them. On the other hand, Haven offers a certain amount that helps cover costs such as estate agent fees and solicitors.
Although selecting a lender that offers cashback is imperative, a lender with a lower rate is quite beneficial in the long run.
Mortgage Protection
Mortgage protection is a cover that protects you as the borrower in case you die before you finish paying off your mortgage. The insurance helps to lower the risk to a lender after granting you a loan. The lender is legally required to make sure you have mortgage protection insurance before giving you a mortgage.
Bottom line, whether you are a first-time home buyer, mover, or investor,
it is essential to be proactive when selecting the best mortgage rate in Ireland. As noted in our mortgage comparison of rates, lowest is a rate of 3.2% and is the best mortgage rate for switchers and the best mortgage rate for Irish first-time buyers.
You can also check all mortgage providers who offer the best mortgage rates in Ireland. To ensure that the process of acquiring the best mortgage rates goes smoothly, you should consult one of our qualified mortgage advisors.
HAVE QUESTIONS
Read our FAQ
You're called Switcheroo.ie but do you help First Time Buyers and Home movers?
Yes, we absolutely do. As long as you are looking to buy a residential property we stand ready to help. We like the name Switcheroo as you are switching home if you are a mover and even if you are a buyer you are switching from tenant to homeowner!!!
What’s the best mortgage I can get?
That’s a question we hear a lot but there is no simple answer to this. There are a number of factors to this which both you and we need to consider when you are thinking of getting a mortgage.
Mortgages come with different terms and banks use different criteria to establish who they lend to, how much and at what rate. Don’t stress too much! You can find out pretty quickly to see if it’s worth your while. From there we will guide you through the process and make sure you get the right mortgage for you and make the process as simple as possible.
If I am a switcher how much can I save?
The Central Bank of Ireland published research that showed that many existing mortgage holders can save over €10,000 euros by switching their mortgage. It will depend on your specific circumstances but just 20 seconds on our calculator will show you what its worth for you to switcheroo.
What documents will you need from me?
Initially, none. The first step is for you to take our Financial Health Check in your secure customer portal. This will help us understand your circumstances and see if you are mortgage fit but we don’t need documentation at that stage. Only later when we move on to preparing your submission to a lender, will we need to make sure that your information is accurate, and we’ll need documentation from you then. Those include proof of your identity, income, utility bills with proof of address, as well as things like visa status where it applies. We’ll always make it clear exactly what we need and why.
Do you perform credit checks?
Our job is to make sure that you have the best possible chance of being accepted. So, we perform our own affordability check before sending anything to a lender. This leaves no footprint on your credit history.
I want to switcheroo, what’s next?
On our website there are calculators that will help you figure out what you can save or what your mortgage would cost. From there you’ll need to register into your customer portal so we can perform a Financial Health Check on you to assess what you can afford.
If all is well, we will then ask for more details on your current circumstances and the specifics of the house you want to mortgage.
Usually, this shouldn’t take more than 60 minutes, and you’ll be one step closer to a mortgage. At this point, you can have a phone call with one of our mortgage experts. They will answer any questions you have and tell you exactly what documents you’re going to need. From there, the expert team will guide you through the application process and keep you updated on progress. You can check progress online and we will keep you updated along the way.
What does Switcheroo.ie do with my data?
It’s all explained in our privacy policy, but basically: we won’t spam you and we won’t pass on your data to other companies so that they can spam you. We hate that.
How does Switcheroo.ie make money?
Yep, we don’t charge any commission. If you get a mortgage using Switcheroo.ie, the lender you use pays us a commission. Some intermediaries charge you an additional commission but not us, we are free forever. These commission never affect our advice. Our reputation and livelihood depend on us always giving our customers the best possible advice. The important bit is we’ll never charge you a penny.
HAVE QUESTIONS
Read our FAQ
You're called Switcheroo.ie but do you help First Time Buyers and Home movers?
Yes, we absolutely do. As long as you are looking to buy a residential property we stand ready to help. We like the name Switcheroo as you are switching home if you are a mover and even if you are a buyer you are switching from tenant to homeowner!!!
What’s the best mortgage I can get?
That’s a question we hear a lot but there is no simple answer to this. There are a number of factors to this which both you and we need to consider when you are thinking of getting a mortgage.
Mortgages come with different terms and banks use different criteria to establish who they lend to, how much and at what rate. Don’t stress too much! You can find out pretty quickly to see if it’s worth your while. From there we will guide you through the process and make sure you get the right mortgage for you and make the process as simple as possible.
If I am a switcher how much can I save?
The Central Bank of Ireland published research that showed that many existing mortgage holders can save over €10,000 euros by switching their mortgage. It will depend on your specific circumstances but just 20 seconds on our calculator will show you what its worth for you to switcheroo.
What documents will you need from me?
Initially, none. The first step is for you to take our Financial Health Check in your secure customer portal. This will help us understand your circumstances and see if you are mortgage fit but we don’t need documentation at that stage. Only later when we move on to preparing your submission to a lender, will we need to make sure that your information is accurate, and we’ll need documentation from you then. Those include proof of your identity, income, utility bills with proof of address, as well as things like visa status where it applies. We’ll always make it clear exactly what we need and why.
Do you perform credit checks?
Our job is to make sure that you have the best possible chance of being accepted. So, we perform our own affordability check before sending anything to a lender. This leaves no footprint on your credit history.
I want to switcheroo, what’s next?
On our website there are calculators that will help you figure out what you can save or what your mortgage would cost. From there you’ll need to register into your customer portal so we can perform a Financial Health Check on you to assess what you can afford.
If all is well, we will then ask for more details on your current circumstances and the specifics of the house you want to mortgage.
Usually, this shouldn’t take more than 60 minutes, and you’ll be one step closer to a mortgage. At this point, you can have a phone call with one of our mortgage experts. They will answer any questions you have and tell you exactly what documents you’re going to need. From there, the expert team will guide you through the application process and keep you updated on progress. You can check progress online and we will keep you updated along the way.
What does Switcheroo.ie do with my data?
It’s all explained in our privacy policy, but basically: we won’t spam you and we won’t pass on your data to other companies so that they can spam you. We hate that.
How does Switcheroo.ie make money?
Yep, we don’t charge any commission. If you get a mortgage using Switcheroo.ie, the lender you use pays us a commission. Some intermediaries charge you an additional commission but not us, we are free forever. These commission never affect our advice. Our reputation and livelihood depend on us always giving our customers the best possible advice. The important bit is we’ll never charge you a penny.
THE SWITCHEROO.IE DIGITAL MORTGAGE PLATFORM
We focus on great customer experience to
support you through your application
Don’t take our word for it, read what our customers think of us
THE SWITCHEROO.IE DIGITAL MORTGAGE PLATFORM
We focus on great customer experience to
support you through your application
Don’t take our word for it, read what our customers think of us
THE SWITCHEROO.IE DIGITAL MORTGAGE PLATFORM
We focus on great customer experience to support you through your application
Don’t take our word for it, read what our customers think of us
Really happy with the advice and service provided by Switcheroo!! I was looking to switch to a better rate which they helped me with and having gone through this I will save thousands off the cost of my mortgage, and there are no charges for Switcheroo’s service. Definitely would recommend them and will come back to them when my fixed term ends.
Jairo
Switcher – CORK
Switcheroo people helped us through the process of the purchase of our new home, they have been extremely professional and very helping throughout all the phases, and even when the timeframe was tight for use they have been able to put us through the final stages. We couldn’t recommend anything better than their service, and if we ever need another mortgage we will know where to reach first.
Connie Robertson
Switcher – Galway
We would highly recommend working with this team! The online portal made everything really straightforward, and, in the end, we knocked 6 years off the term of our mortgage thanks to the great rate they secured for us
Ciaran and Denise
Switchers – Dublin
Switching our mortgage with Dylan as our agent has saved us thousands of euros. Dylan’s attention to detail, prompt replies, regular contact and friendly professionalism enabled us to negotiate our way through the process.
Kathleen
Switcher – Wexford
Very happy with our switching process with Alison from Switcheroo, everything carried out in a quick efficient manner. Even when additional information was required everything was handled very smoothly. Would highly recommend to anyone considering switching
Janice
Switcher – kildare
We switched our mortgage with Alison who helped us through the process step by step very efficiently. They have been very helpful, efficient and are excellent at their work. We saved thousands and I would recommend their services to anyone.
Niall
Switcher – Wicklow
Alison and the Switcheroo team were a great help in assisting us process our mortgage. Instead of having to deal with different customer service officials within the bank we had one point of contact in Switcheroo who kept us updated and kept the process moving.
Susan
First Time Buyer – Dublin
Switcheroo and especially Alison made the whole process as painless as possible. Her diligence and help in explaining and guiding us through the process was invaluable. I would have no hesitation in recommending Switcheroo
Gary and MJ
Switchers – Dublin
Alison and her team made a very daunting task of switching mortgage into something stress free. She supported us entirely throughout the whole process, and her advice was clear, concise and professional. We would have no issue recommending Alison and her team.
Andrea and Ian
Switchers – Meath
As first time home buyers, we found the online process of securing a mortgage very straightforward. It was easy to upload the documents and they responded to any queries we had immediately. We would definitely recommend them and will be using them again when the time comes to switch after the fixed rate expires.
Michael and Kate
First Time Buyers – Meath
We would highly recommend using the Switcheroo Team! The online portal made everything really transparent and straightforward. The team in Switcheroo successfully helped us get credit approval after we were turned down by another bank due to a minor credit issue. Luke and Dylan were so helpful and communication was brilliant.
Cannot thank the team in Switcheroo enough. We are now owners of our dream home.
Karen and Shane
Movers – Dublin
Switcheroo helps us switch our mortgage to a cheaper rate. I have to say that both Luke and Dylan were brilliant, they were the best that I have worked with in any financial institution! They were so prompt and pro active with any query I had and Dylan’s help over the last 2 weeks to hit our target date of today was exceptional. I got several updates per day and even when I called him on his day off, I got a text back within minutes. I will definitely be recommending to my family, friends and work colleagues to look at switching their mortgage with this team
Mark
Switchers – Galway
Really happy with the advice and service provided by Switcheroo!! I was looking to switch to a better rate which they helped me with and having gone through this I will save thousands off the cost of my mortgage, and there are no charges for Switcheroo’s service. Definitely would recommend them and will come back to them when my fixed term ends.
Jairo
Switcher – CORK
Switcheroo people helped us through the process of the purchase of our new home, they have been extremely professional and very helping throughout all the phases, and even when the timeframe was tight for use they have been able to put us through the final stages. We couldn’t recommend anything better than their service, and if we ever need another mortgage we will know where to reach first.
Connie Robertson
Switcher – Galway
We would highly recommend working with this team! The online portal made everything really straightforward, and, in the end, we knocked 6 years off the term of our mortgage thanks to the great rate they secured for us
Ciaran and Denise
Switchers – Dublin
Switching our mortgage with Dylan as our agent has saved us thousands of euros. Dylan’s attention to detail, prompt replies, regular contact and friendly professionalism enabled us to negotiate our way through the process.
Kathleen
Switcher – Wexford
Very happy with our switching process with Alison from Switcheroo, everything carried out in a quick efficient manner. Even when additional information was required everything was handled very smoothly. Would highly recommend to anyone considering switching
Janice
Switcher – kildare
We switched our mortgage with Alison who helped us through the process step by step very efficiently. They have been very helpful, efficient and are excellent at their work. We saved thousands and I would recommend their services to anyone.
Niall
Switcher – Wicklow
Alison and the Switcheroo team were a great help in assisting us process our mortgage. Instead of having to deal with different customer service officials within the bank we had one point of contact in Switcheroo who kept us updated and kept the process moving.
Susan
First Time Buyer – Dublin
Switcheroo and especially Alison made the whole process as painless as possible. Her diligence and help in explaining and guiding us through the process was invaluable. I would have no hesitation in recommending Switcheroo
Gary and MJ
Switchers – Dublin
Alison and her team made a very daunting task of switching mortgage into something stress free. She supported us entirely throughout the whole process, and her advice was clear, concise and professional. We would have no issue recommending Alison and her team.
Andrea and Ian
Switchers – Meath
As first time home buyers, we found the online process of securing a mortgage very straightforward. It was easy to upload the documents and they responded to any queries we had immediately. We would definitely recommend them and will be using them again when the time comes to switch after the fixed rate expires.
Michael and Kate
First Time Buyers – Meath
We would highly recommend using the Switcheroo Team! The online portal made everything really transparent and straightforward. The team in Switcheroo successfully helped us get credit approval after we were turned down by another bank due to a minor credit issue. Luke and Dylan were so helpful and communication was brilliant.
Cannot thank the team in Switcheroo enough. We are now owners of our dream home.
Karen and Shane
Movers – Dublin
Switcheroo helps us switch our mortgage to a cheaper rate. I have to say that both Luke and Dylan were brilliant, they were the best that I have worked with in any financial institution! They were so prompt and pro active with any query I had and Dylan’s help over the last 2 weeks to hit our target date of today was exceptional. I got several updates per day and even when I called him on his day off, I got a text back within minutes. I will definitely be recommending to my family, friends and work colleagues to look at switching their mortgage with this team
Mark
Switchers – Galway
