The best mortgage rates in Ireland

Since their creation, mortgages have become a strategic ally of many people who benefit from them for the acquisition of real estate and thus create a heritage that will not only benefit them but their family environment, thus ensuring a decent home.

Legally speaking, the mortgage is a real right through which a real estate property is encumbered for the necessary financing for the purchase of the same. The most important aspects of the mortgage are the capital or money financed, the term or time of repayment of the money, and the interest or percentage rate to be paid.

What is the mortgage rate?

It is the price that the creditor must pay the lending institution for the money lent for the acquisition of a property. This rate is calculated as a percentage at the time of making the mortgage loan application, and the payment of the totality of this rate plus the amount requested will mean the extinction of the mortgage.

If the rate is high, the monthly interest payment generated by it will be higher and this will mean that the money borrowed will be more expensive. That is why many banking institutions seek to offer lower mortgage rates, thus seeking to gain more users interested in mortgage loans.

What are the best mortgage rates in Ireland?

According to the European Central Bank, for April 2023, Ireland ranked sixth in the comparison of mortgages in Europe with 3.52%, Malta being the first with 2.25% and therefore the cheapest country to open a mortgage and at the other end of the list, Latvia the highest with 5.46%. 

Each of the different Irish banks offers various mortgage loan products, with attractive mortgage rates that seek to capture the attention of users who are looking for the best offer. 

The search criterion used by prospective customers for this type of loan is the mortgage rate. In Ireland, there are approximately 250 mortgage rates distributed among the different mortgage loans offered by eight official mortgage lenders.

Here are the best deals on mortgage rates in Ireland:

Standard average mortgage rate (3-7 years)

In the case of the real estate market, mortgages calculated with APR (annual percentage rate of charge) have become one of the most attractive products. This type of rate indicates the total cost or profitability of a mortgage loan. In other words, APR is the average rate paid during the whole term of the mortgage.

• Avant offers one of the lowest rates ranging from 3.87% for 3 years. 3.94% for 5 years and 3.97% for 7 years.
• It is followed by AIB Mortgage with rates from 3.82% for 3 years, 3.93% for 5 years, and 4.33% for 7 years.
• Then the Permanent TSB with 4.21% for 3 years, 4.43% for 5 years, and 4.59% for 7 years.

These are the best offers for the average standard mortgage rate. For this type of rate mortgages over 250,000 € and green mortgages are not included. 

Introductory 3-year fixed introductory mortgage rate

Understanding that LTV or loan-to-value ratio is the existing balance between the amount of the loan obtained versus the value of the property securing the mortgage. The best 3-year introductory mortgage rates are offered by:

• Avant Money: handling up to 50% LTV at 3.85%, up to 70% LTV at 3.90% and up to 90% LTV at 4.05%.
• Bank of Ireland: up to 50% LTV 4.50%, up to 70% and 90% LTV 4.75%.
• AIB Mortgage: handles up to 50% LTV at 4.55%, up to 70% LTV at 4.70% and up to 90% LTV at 4.80%.

Standard average mortgage rate (10 years) with LTV <50%

When valuing this type of mortgage rate, the APRC is taken into account, which is the average rate that the user of this type of mortgage will pay during the entire term of the mortgage.

• Avant: offers 4.00% for 10 years and from 15 to 30 years offers 3.95%.
• Haven mortgages offer 4.70% for 10 years.
• AIB Mortgage offers 4.76% for 10 years.
• Bank of Ireland offers 5.20% for 10 years.

Average green and high-value rates with LTV < 50%

For those looking for a higher-value mortgage, some brokers or lenders offer lower mortgage rates for customers with higher-value mortgages above €250,000, with the caveat that these types of mortgages are not available to all customers.

• Avant mortgage: offers 3.87% for 3 years, 3.94% for 5 years, and 3.97% for 7 years.
• Bank of Ireland: offers 4.60% for 3 years, 4.00% for 5 years, and 4.10% for 7 years.
• AIB Mortgage: offers 3.82% for 3 years, 3.81% for 5 years, and 4.33% for 7 years.
• Permanent TSB: offers 4.25% for 3 years, 4.13% for 5 years, and 4.35% for 7 years.

Variable/tracking rates

If you are looking for flexibility in case you want to change the mortgage rate without receiving a penalty in the first years for it, or on the contrary, you are not sure of the benefits of a fixed rate, there are variable mortgage rates. 

• Avant offers 3.75% from 50% to 70% LTV and 3.95 from 80% to 90%.
• AIB Mortgage offers 3.75% to 50% LTV, 3.95% from 60% to 80% LTV and 4.15% to 90% LTV.
• Haven Mortgage offers 3.75% at 50% LTV, 3.95% from 60% to 70% and 4.15% from 80% to 90% LTV.

Whatever the reason you are looking for a mortgage loan: moving, first time, or just an investment, it is not easy to decide on the best and most convenient mortgage rate among more than 250 different types on the market. 

Avant Money products with over twenty years of offering a wide range of lending products in Ireland, and “offering a new vision for consumer lending” as its slogan states, is the leading provider of mortgage products and the best mortgage rates in Ireland.

The Five best fixed-rate mortgage rates

For the valuation of this type of rate, four important factors were taken into account to determine a good mortgage: the value of the mortgage rate, which is the value to be paid in interest over the entire term of the mortgage; the security of payment; its ease of approval and the speed of approval.

1. Haven 7-year fixed mortgage: with a rate value of 4.0, payment security of 3.5, ease of approval of 3.5, and approval speed of 3.0 for an overall score of 3.55.
2. Avant Money 5-Year Fixed Mortgage: with a rate rated 4.5, payment security of 2.5, approval ease of 4.0, and approval speed of 5.0 for an overall rating of 3.90.
3. Haven 10-year fixed mortgage: with a rate rated 3.5, payment security of 4.0, ease of approval of 3.5, and approval speed of 5.0 for an overall rating of 3.95.
4. Avant Money 7-Year Fixed Mortgage: with a rate of 4.25, a payment security of 3.5, an approval ease of 4.0, and an approval speed of 5.0 for an overall rating of 4.13.
5. Avant Money 10-30 Year Fixed Mortgage: with a rate rated 4.25, payment security of 5.0, approval ease of 4.0, and approval speed of 5.0 for an overall score of 4.58.