What is a Green Mortgage Ireland and why should I consider applying for one?

So what is a Green Mortgage Ireland? A Green Mortgage is a great new incentive offered by lenders that encourages people to make their homes more environmentally friendly by offering rewards such as lower interest rates.

Green Mortgage Ireland

Green Mortgage Ireland. As the world is becoming more environmentally conscious, so are mortgage lenders. Green mortgages are slowly becoming more and more popular as they are a great incentive to make our homes more energy efficient, which will help us save money as well as our planet.

Here at moneysherpa, we have looked at the different Green Mortgages Ireland, as well as the requirements necessary for a Green Mortgage in Ireland. We have also put together some useful ways you can make home more energy efficient to impress Green Mortgage providers.

In this article, I will be discussing why you should consider applying for a Green Mortgage, what you have to do in order to apply for one, what you can do to make your home more eligible for a Green Mortgage and overall, are Green Mortgages worth the time and effort required?

1. Why should I consider applying for a Green Mortgage Ireland ?

2. What do I need to do to apply for a Green Mortgage Ireland ?

3. How can I make my home more energy efficient? – Green Mortgage Ireland

4. Final verdict – Green Mortgage Ireland.

1. Why should I consider applying for a Green Mortgage Ireland?

green mortgage ireland

As I have mentioned previously, a Green Mortgage acts as an incentive to encourage people to make their homes more environmentally friendly. Lenders will offer certain rewards such as lower interest rates to homeowners whose homes are considered energy efficient. 

Many lenders such as Bank of Ireland and Ulster Bank all offer lower interest rates for homeowners applying for a Green Mortgage. 

Haven Mortgages have offered a 2.15% fixed rate on homes that they believe to be energy efficient, as well as offering €2000 to cover legal costs.

Haven have stated that homeowners with an existing mortgage of €300,000 on a €350,000 home could save up to €3,204 per year by availing of this 2.15% fixed rate, instead of the usual variable rate of 3.7%.  

2. What do I need to do to apply for a Green Mortgage Ireland?


When it comes to Green Mortgages, your bank will ask you for a document known as a Building Energy Rating (BER), which essentially is a calculation of how energy efficient your home is. BER certificates are valid for up to 10 years. 

The BER measures how energy efficient your home is on a scale of A to G, with A being the most energy efficient your home can be. So what factors will affect your BER rating? Well, there are a variety of aspects affecting your BER, such as adequate insulation, a working boiler, etc..

The vast majority of banks will require a BER rating of at least B3 or B2 in order to qualify and apply for a Green Mortgage. 

Lenders such as AIB, Ulster Bank, Bank of Ireland and Haven Mortgages all provide Green Mortgages in Ireland in 2021.

In order to avail of a Green Mortgage, you will have to receive your mortgage from one of these 4 lenders. However, if you are not with any of these specific lenders, you can contact a broker and switch to one of these mortgage providers to avail of a Green Mortgage. 

3. How can I make my home more energy efficient? Green Mortgage Ireland.

green mortgage ireland

There are many simple and straightforward things that we can do to make our homes more energy efficient, which will increase our BER rating as well as save us money in the long run.

We can take certain easy and affordable measures such as keeping the immersion at 65 degrees or using efficient electrical lighting to make our homes B3 worthy. However, if you are willing to invest in making your home even more energy efficient, you could replace your unproductive boiler with a water pump which renews energy, or look about taking further steps to properly insulate your home. 

All these measures, big or small, will help to maximise the energy efficiency of your home and overall will help make your application for a Green Mortgage more likely to succeed, and may even save you money by reducing your energy bills and making your home cheaper to heat!

Final Verdict: Should I apply for a Green Mortgage Ireland?

Green Mortgage Ireland

Overall, Green Mortgages are a great way to save money on a more energy efficient home. Making your home energy efficient won’t only allow you to benefit from a lower fixed interest rate, but will also help you save money in areas such as heating and electricity.

However, making your home more energy efficient does come at a price, so you should only avail of a Green Mortgage if you are willing to put the time, effort and money required into making your home more sustainable.

So, what’s next? Green Mortgage Ireland.

1. Check with your mortgage provider to see if they offer Green Mortgages and if so, what incentives do they offer for those who avail of this mortgage?

2. Research and find out if your home is eligible for a Green Mortgage and check your BER rating by contacting a BER assessor. 

3. Try and find different affordable ways to make your home more energy efficient and B3 worthy.

If you are interested in switching your mortgage to a green mortgage, you can find out more about mortgage switching here.

If you want to calculate how much you would save by switching to a green mortgage, check out our mortgage calculator here.

If you wish to switch mortgage providers to a lender offering Green Mortgages, feel free to contact one of our mortgage sherpas for a free consultation. 

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