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Finance Ireland Mortgage Ultimate Review – Ireland 2024

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Finance Ireland have been hit hard by recent interest rate rises. In our Finance Ireland Mortgages Ultimate Review – Ireland 2024 we will give you the inside track on a Finance Ireland mortgage and what other options are available.

Finance Ireland Mortgage Review

As someone who used to lead the mortgage product team in PTSB I’ve kept a close eye on Finance Ireland’s entry into the mortgage market.

As a new entrant, unlike the Irish banks they aren’t weighed down by the costs of the tracker mortgages offered in the boom. This has allowed them to undercut the Irish banks and offer some of the very best rates on the market.

Here’s the 3 things you need to know if you are considering a Finance Ireland mortgage.

  • Finance Ireland’s Short and Medium term fixed rate products are not great value as they are funded from the financial markets. Avant Money and Haven are currently much better options.
  • Finance Ireland have withdrawn their Long term fixed rates due to funding cost increases, so Avant Money is now the only option for fixed rates over ten years.
  • Although expensive Finance Ireland are flexible and may be the only option if you have had financial difficulties or are looking to consolidate your debts.

Finance Ireland are pricey, but their trump card is their flexible credit policy. As well as their standard ‘progress’ rates they also offer a ‘progress plus’ product with lower barriers to mortgage approval.

Rank Mortgage Product Rate Value Repayment Security Ease of Approval Approval Speed Overall Rating
#1. Avant Money Mortgage 10-30 Yr Fixed 4.25 5.0 4.0 5.0 4.58
#2. Avant Money Mortgage 7 Yr Fixed 4.25 3.5 4.0 5.0 4.13
#3. Haven Mortgage 10 Yr Fixed 3.5 4.0 3.5 5.0 3.95
#4. Avant Money Mortgage 5 Yr Fixed 4.5 2.5 4.0 5.0 3.90
#5. Haven Mortgage 7 Yr Fixed 4.0 3.5 3.5 3.0 3.55

Rating Weighting: Rate 30%, Security 30%, Approval 20%, Speed 20%, updated 26/09/2023

The key takeaway is that if you are worried about approval going to a broker who has Finance Ireland on their books might be a smart move. You can see how a Finance Ireland mortgage repayment compare to the others in the market for your mortgage here.

Read on to find out if a Finance Ireland mortgage makes sense for you and the other options for a great rate and easy approval.

Finance Ireland Mortgage Rate and Product Overview – Finance Ireland Mortgage Review Ireland 2024

Pro’s & Con’s – Finance Ireland Mortgages Review Ireland 2024

Recommendation – Finance Ireland Mortgage Review Ireland 2024

Alternatives – Finance Ireland Mortgage Review Ireland 2024

In a Nutshell – Finance Ireland Mortgages Review Ireland 2024

Finance Ireland Mortgage Rate and Product Overview – Finance Ireland Mortgage Review Ireland 2024

Finance Ireland Mortgage Approval Types

As well as offering mortgages nationwide Finance Ireland also offer a wide range of mortgage types.

  • They offer residential mortgages of more than €50,000-€1,250,000 in Dublin and €750,000 elsewhere.
  • They include first time buyers, home movers, buy to let, self employed, top up and switcher mortgages.
  • They do not offer staged payment self build mortgages.

Finance Ireland Mortgage Approval Credit Policy

This is where Finance Ireland have the edge, they are the only lender in the market offering what is know as ‘risk based pricing’. This means they will take some cases others wouldn’t, but for a higher fee.

The more flexible ‘progress plus’ products often demand a hefty premium over the market leaders, but it may be the only path buying their own home for some.

If you are looking for more flexible credit solution, then you might consider the ‘Progress Plus’ product, where you pay an increased rate, but have lower barriers to entry. You can check out the difference between the two in our handy table below.

Finance Ireland Progressive vs Progressive Plus – 50% LTV
Fixed Rate LTV 50% Fixed Rate Fixed APRC
Progressive Plus 3 Years 7.15% 6.85%
Progressive 3 Years 6.20% 6.26%
Progressive Plus 5 Years 7.05% 6.94%
Progressive 5 Years 6.00% 6.20%
FINANCE IRELAND RATES (APRC calculated on €100K loan, 30 years, valuation of €185, security release €40), rates updated 15/02/23
Finance Ireland Progressive vs Progressive Plus – 60% LTV
Fixed Rate LTV 60% Fixed Rate Fixed APRC
Progressive Plus 3 Years 7.15% 6.67%
Progressive 3 Years 6.20% 6.23%
Progressive Plus 5 Years 7.05% 6.89%
Progressive 5 Years 6.00% 6.17%
FINANCE IRELAND RATES (APRC calculated on €100K loan, 30 years, valuation of €185, security release €40), rates updated 15/02/23
Finance Ireland Progressive vs Progressive Plus – 70% LTV
Fixed Rate LTV 70% Fixed Rate Fixed APRC
Progressive Plus 3 Years 6.78% 6.81%
Progressive 3 Years 6.25% 6.25%
Progressive Plus 5 Years 7.05% 6.92%
Progressive 5 Years 6.05% 6.20%
FINANCE IRELAND RATES (APRC calculated on €100K loan, 30 years, valuation of €185, security release €40), rates updated 15/02/23
Finance Ireland Progressive vs Progressive Plus – 80% LTV
Fixed Rate LTV 80% Fixed Rate Fixed APRC
Progressive Plus 3 Years 7.15% 7.03%
Progressive 3 Years 6.25% 6.25%
Progressive Plus 5 Years 7.05% 7.08%
Progressive 5 Years 6.05% 6.20%
FINANCE IRELAND RATES (APRC calculated on €100K loan, 30 years, valuation of €185, security release €40), rates updated 15/02/23
Finance Ireland Progressive vs Progressive Plus – 90% LTV
Fixed Rate LTV 90% Fixed Rate Fixed APRC
Progressive Plus 3 Years 7.30% 7.29%
Progressive 3 Years 6.60% 6.51%
Progressive Plus 5 Years 7.15% 7.29%
Progressive 5 Years 6.45% 6.51%
FINANCE IRELAND RATES (APRC calculated on €100K loan, 30 years, valuation of €185, security release €40), rates updated 15/02/23

As you can see the Progress Plus in 0.5% to 1% more expensive than the Progress, but if you need it to get a mortgage then it is a great option.

Progress Plus may be a good fit for you if

  • You have just started your own business, with applications considered after 12 months
  • You have previous arrears on unsecured loans more than two years ago and on secured loans more than 4 years ago.

They also allow you to borrow more than 4 times your income. These mortgages are known as ‘exceptions’ as they are exceptions to the Central Bank lending limits.

Finance Ireland Mortgage Rate

In the short term fixed rate mortgage comparison table below the Finance Ireland mortgage rates struggle coming well behind market leaders Avant Money and Haven. Check out our comparison across all 3 year fixed rates below.

3 Year Fixed Rate APRC Comparison by LTV
3 Year Fixed APRC Avant Money MoCo ICS Mortgages Finance Ireland Haven Mortgages AIB Mortgage EBS Mortgage Permanent TSB Bank of Ireland Bank of Ireland (Re-fix)
Up to 50% LTV 3.87% 5.21% 6.64% 4.00% 3.55% 4.20% 4.21% 4.90% 4.40%
Up to 60% LTV 3.87% 5.21% 6.78% 4.00% 3.74% 4.20% 4.21% 4.90% 4.40%
Up to 70% LTV 3.89% 5.21% 6.16% 6.80% 4.00% 3.74% 4.20% 4.32% 4.90% 4.50%
Up to 80% LTV 4.06% 5.24% 6.39% 6.80% 4.00% 3.63% 4.10% 4.32% 4.90% 4.50%
Up to 90% LTV 4.08% 5.34% 6.43% 7.06% 4.00% 3.92% 4.20% 4.69% 4.90% 4.50%
Rates updated 01/11/23

If you are going to pick a short term fixed rate it is important to consider the variable or ‘follow on’ rate of your provider as this will be the rate you will be on for the majority of the time.

Variable/Follow On Rates Comparison
Follow on Variable Rate Avant Money ICS Mortgages Finance Ireland Haven Mortgages AIB Mortgage MoCo EBS Mortgage Permanent TSB Bank of Ireland
Up to 50% LTV 3.75% 6.20% 6.40% 3.75% 3.75% 5.20% 4.15% 4.40% 4.15%
Up to 60% LTV 3.75% 5.95% 6.20% 3.95% 3.95% 5.20% 4.15% 4.50% 4.15%
Up to 70% LTV 3.75% 6.95% 6.20% 3.95% 3.95% 5.20% 4.15% 4.50% 4.45%
Up to 80% LTV 3.95% 6.20% 6.20% 4.15% 3.95% 5.20% 4.15% 4.70% 4.45%
Up to 90% LTV 3.95% 6.20% 5.15% 4.15% 4.15% 5.20% 4.15% 4.70% 4.75%
*Probable follow on variable rates post fixed period based on current variable rates by provider, rates updated 5/12/23. PTSB rates applicable from 17/01/24

On the longer term rates Avant Money’s ‘One Mortgage’ has the edge on rate over Finance Ireland, beating their offering on all the rates below.

Standard Mortgage Average Rate (10-15yr) at LTV < 50%
APRC at LTV < 50% Avant Money Haven Mortgages AIB Mortgage EBS Mortgage Permanent TSB Bank of Ireland ICS Mortgages Finance Ireland Bank of Ireland (Re-fixing)
10 Yr 4.00% 4.70% 4.76% 5.20% 4.70%
15 Yr 3.95%
20 Yr 3.95%
25 Yr 3.95%
30 Yr 3.95%
Correct as of 01/11/23. APRC is the Average Rate paid across the whole mortgage term.

These long term mortgages are very common in continental Europe and extremely attractive if you want absolute certainty about how much you will pay for the whole length of your mortgage term. We believe these longer term fixed rates offer an incredible combination of security and value.

Annual Percentage Rate Charge (APRC) represents the average rate across the lifetime of a typical mortgage and is recommended as the best rate to use for comparisons by the CCPC. [1] You can check out the APRC of all the mortgages currently on the market using our comparison tool here.

Pro’s & Con’s – Finance Ireland Mortgage Review Ireland 2024

Pro’s

  • Will give approval when others won’t with Progress Plus
  • Will consider some types of debt consolidation

Con’s

  • For most rates and customers Avant Money offers better value
recommended

Recommendation – Finance Ireland Mortgage Review Ireland 2024

For most customers Avant Money will beat Finance Ireland for value.

Rank Mortgage Product Rate Value Repayment Security Ease of Approval Approval Speed Overall Rating
#1. Avant Money Mortgage 10-30 Yr Fixed 4.25 5.0 4.0 5.0 4.58
#2. Avant Money Mortgage 7 Yr Fixed 4.25 3.5 4.0 5.0 4.13
#3. Haven Mortgage 10 Yr Fixed 3.5 4.0 3.5 5.0 3.95
#4. Avant Money Mortgage 5 Yr Fixed 4.5 2.5 4.0 5.0 3.90
#5. Haven Mortgage 7 Yr Fixed 4.0 3.5 3.5 3.0 3.55

Rating Weighting: Rate 30%, Security 30%, Approval 20%, Speed 20%, updated 26/09/2023

Where Finance Ireland really shine though is when you can’t get the current market leader Avant Money. If you have some skeletons in your credit cupboard or just struck out with a new venture then Finance Ireland might literally be your only way home.

You can check out if you can get an Finance Ireland mortgage here.

Alternatives – Finance Ireland Mortgages Review Ireland 2024

Logo 1 Best Buys

Avant Money Mortage

  • From 3.61% aprc
  • Years Fixed: 3-30
  • Approval Policy: Tight
Logo 2 Best Buys

Haven Mortage

  • From 4.00% aprc
  • Years Fixed: 3
  • Approval Policy: Complex
Green Mortgage 6 Best Buys

Bank of Ireland

  • From 3.90% aprc
  • Years Fixed: 4
  • Approval Policy: Flexible

In a Nutshell – Finance Ireland Mortgages Review Ireland 2024

The non bank lenders Avant Money and Haven offer the best combination of rates and approval flexibility for most people looking for a mortgage.

Rates with these lenders are typically 30% lower than the banks as they aren’t carrying the cost of supporting tracker mortgage customers.

Of the non bank lenders Avant Money currently lead the pack, offering the best overall package of rates in the market. If you can get an Avant Money mortgage, you should. If not Finance Ireland could be your best way home, literally.

Avant Money, Haven and Finance Ireland are available through brokers or through one our mortgage sherpas.

Next Steps – Finance Ireland Mortgages Review Ireland 2024

If you want to see what you could save by calculating your repayments and see all mortgage provider rates you can click here.

If you want to know more about other mortgage providers you can click here.

If you want to know more about long term fixed rate mortgages you can read our article here.

If you want to know more about shorter term fixed rates, you can check out our deep dive best fixed rate mortgage piece here.

If you want to know more about switching you can click here. Or you can check out our handy switching mortgage guide here and our remortgaging guide here. If you still have questions check out our switching Q&A here.

If you are thinking of freeing up some extra cash from your home, take a look at our mortgage top up tips here or if you are over 55 our equity release rundown here.

If you want to get your savings started right now, set up a free no obligation video call with a mortgage sherpa here, covering not only the best rate, but also helping choose the lender most likely to approve you and helping take the pain out of the paperwork.

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