Best Mortgage Rates Ireland 2022 Ultimate Review

We’ve spent hours crunching all the mortgage rate numbers to come up with the best mortgage rates Ireland 2022 for you. The mortgage rate you are on can make a huge difference to your monthly repayments, read on to find out how you can save thousands of euro a year.

Best mortgage rates Ireland 2022

Our analysis of the best mortgage rates Ireland 2022 includes all the 250+ rates available on the market today for residential mortgages. Here’s the top 4 products rated based on what’s available right now across all 7 lenders in the Irish market.

RankMortgage ProductAPRCApprovalSpeedRate RiskRating
1Finance Ireland Mortgage 15 Yr Fixed 2.96%GoodMediumLow4.75
2Avant Money Mortgage 15 Yr Fixed3.48%MediumGoodLow4.50
3Avant Money Mortgage 7 Yr Fixed2.81%MediumGoodMedium4.00
4Avant Money Mortgage 3 Yr Fixed2.44%MediumGoodHigh3.50
APRC is the Average Rate paid across the whole mortgage term @ LTV of <50%

A better mortgage rate can make huge difference to the cost of your mortgage for two reasons.

  • Mortgages are so large, with the average mortgage over €200,000
  • Mortgages are usually over a long period, with an average length of 15 years

Large mortgage + long time = thousands of euro to be saved in interest payments.

The average Irish consumer can save over €20,000 by picking or switching to the best mortgage rates. This means you can afford a bigger home, pay off your mortgage early or simply pocket those savings.

Using the APRC makes it easier to compare mortgage rates as it includes any hidden fees and how your rate might change over time. That’s why it’s recommended by the Competition and Consumer Protection Commission (CCPC) and that’s why we use it to drive our rate comparisons. [1]

Check out the table below for 3 year introductory best mortgage rates.

3 Year Fixed Mortgage Rates up to
50% LTV
up to
60% LTV
up to
70% LTV
up to
80% LTV
up to
90% LTV
Avant Money Mortgage2.25%2.25%2.35%2.45%2.50%
ICS Mortgages3.25%3.25%3.30%3.35%3.55%
Finance Ireland Mortgage3.45%3.45%3..50%3.50%3.85%
Haven Mortgages2.35%2.35%2.35%2.35%2.35%
AIB Mortgage2.35%2.35%2.45%2.45%2.55%
EBS Mortgage2.75%2.75%2.75%2.75%2.75%
Permanent TSB Mortgage2.95%2.95%2.95%2.95%2.95%
Bank of Ireland Mortgage3.00%3.00%3.00%3.00%3.00%

Low introductory rates and cash back offers are often used to disguise the true cost of a mortgage by lenders and brokers, which is why we always use the average cost you will pay across the whole mortgage (APRC) in our reviews and savings calculations.

If you look at the average rate across the whole mortgage term for the same 3 year introductory fixed rate you will see the gap between the lenders is actually much bigger than it first seems.

3 Year Fixed Mortgage Rate
APRC
up to
50% LTV
up to
60% LTV
up to
70% LTV
up to
80% LTV
up to
90% LTV
Avant Money Mortgage2.44%2.44%2.47%2.68%2.70%
ICS Mortgages2.78%2.78%2.80%3.03%3.06%
Finance Ireland Mortgage3.03%3.17%3.19%3.19%3.44%
Haven Mortgages3.0%3.0%3.0%3.0%3.0%
AIB Mortgage2.72%2.91%2.91%3.09%3.09%
EBS Mortgage3.5%3.5%3.5%3.5%3.5%
Permanent TSB Mortgage3.57%3.57%3.67%3.67%3.71%
Bank of Ireland Mortgage3.7%3.7%3.7%4.1%4.1%

That’s why the best mortgage rates in moneysherpa’s reviews may look different than what you see on other websites, we use the APRC to give you an accurate picture of lender costs.

  • The lowest rate on the market today is Avant Money’s 3 yr fixed rate at 2.44% APRC.
  • The highest for the same loan is Bank of Ireland’s variable at a whopping 4% APRC.

A €200,000 mortgage over 15 years at Bank of Ireland’s 4% APRC will cost over €30,000 more than at Avant Money’s 2.25% APRC. These kind of savings are typical for anyone who bought after 2008.

So it pays to shop around and be smart when selecting your best mortgage rates. moneysherpa’s advisors deal with all the leading lenders so can point you in the right direction.

The type of mortgage you choose can make a big difference and depends on your individual needs, read on to see what mortgage type makes the most sense for you and what’s the best mortgage rates to choose.

  1. Our best mortgage rate in Ireland by type – best mortgage rates Ireland 2022
  2. Our best mortgage rate overall – best mortgage rates Ireland 2022
  3. 3 things to look out for when choosing the best mortgage rate- best mortgage rates Ireland 2022
  4. Best mortgage rate, the verdict – best mortgage rates Ireland 2022

Our best mortgage rates Ireland by type – Best mortgage rate Ireland 2022

So what are the best mortgage rates Ireland 2022? There are two main types of mortgage rates in the Irish market, a fixed mortgage rate and a variable mortgage rate.

Lenders have focussed on offering better deals on fixed rate mortgages as a way of gaining new business without having to cut rates to existing customers on variable rates.

According to our algorithm the best 24 mortgage deals on the market right now are all fixed rate, with an APRC of less than 3.0%. The best variable offering is with ICS mortgages is at 2.53% APRC.

As a result over 80% of new mortgages are currently fixed rate mortgage deals and you will almost certainly be better off with a fixed mortgage rate.

The downside of a fixed mortgage are the penalties you pay if you want to change your mortgage within the fixed period. That said, are you really going to be switching every couple of years?

A long term fixed deal will cap your repayments, making sure you don’t get into trouble if interest rates start to rise. Even if these cost a little more in the short term we recommend these products for most customers for the certainty it provides.

Yes you might miss out if interest rates fall, but using your home to play the financial markets is not something we advise for most people.

That’s why we plump for the 15-30 year fixed deals from Avant Money or Finance Ireland’s as our best mortgage rates. These deal are common in Europe, but have only been made available here in Ireland since 2020.

Now, you probably won’t change your mortgage too often, but if you want the option there are plenty of 4-7 yr fixed rate options still at APRC’s of 2.5% or less, which we cover below.

Here’s our current recommendations, read on to find out more about each and the key things to consider.

RankMortgage ProductAPRCApprovalSpeedRate RiskRating
1Finance Ireland Mortgage 15 Yr Fixed 2.96%GoodMediumLow4.75
2Avant Money Mortgage 15 Yr Fixed3.48%MediumGoodLow4.50
3Avant Money Mortgage 7 Yr Fixed2.81%MediumGoodMedium4.00
4Avant Money Mortgage 3 Yr Fixed2.44%MediumGoodHigh3.50
APRC is the Average Rate paid across the whole mortgage term @ LTV of <50%

The best mortgage rates available to you will depend on the size of loan you need divided by the value of the home. The lower the loan to value (LTV) the cheaper the rate, this is because there is less risk for the lender.

We have assumed an LTV of less than 60% in this article to keep things simple, to check out the exact best mortgage rates for your LTV you should check out our repayment calculator here.

Here’s how the ratings broke down in each of our categories, the key data for best mortgage rates Ireland 2022 and the key reasons we selected each category winner.

Best mortgage rates Ireland overall – Best mortgage rates Ireland 2022

recommended

We’re really big fans of longer term fixed rates, because of the certainty they provide. That’s why we have picked our best mortgage rates based on 10-30 year fixed rates. The table below gives the APRC for all lenders at loan to values below 50% as an example.

Average Rate (APRC) at LTV < 50%10 Yr15 Yr20 Yr25 Yr30 Yr
Avant Money Mortgages3.26%3.48%3.58%3.58%3.57%
ICS Mortgages
Finance Ireland Mortgages2.93%2.96%3.07%3.22%
Haven Mortgages3.10%
AIB Mortgages2.99%
EBS Mortgages
Permanent TSB Mortgages
Bank of Ireland Mortgages3.50%
APRC is the Average Rate paid across the whole mortgage term

The leading score on rate, whilst not dropping many points on the basis of flexibility, makes the Finance Ireland’s 15 to 25 year fixed rate products the best mortgage rates Ireland 2022 choice overall across all loan to values and also the best fixed mortgage rates. 

If you’re looking for the lowest repayments and don’t mind being tied in to a provider for 15-25 years look no further.

Best fixed short term mortgage rates – Best mortgage rates Ireland 2022

If you want to save on legacy rates, but don’t feel you can commit to fifteen years without changes, then there are plenty of fixed rates available between three to five years that still might do the trick.

Average Mortgage Rate (APRC) at LTV <50%3 Yr4 Yr5 Yr7 Yr
Avant Money Mortgage2.44%2.50%2.60%2.81%
ICS Mortgages2.78%2.99%
Finance Ireland Mortgage3.03%3.17%
Haven Mortgages3.00%3.00%2.90%
AIB Mortgage 2.72%2.77%2.68%2.88%
EBS Mortgage3.50%3.20%3.40%
Permanent TSB Mortgage3.57%3.14%3.46%3.36%
Bank of Ireland Mortgage3.70%3.30%3.6%
APRC = Average Rate paid across the whole mortgage term, table, excludes Mortgage value >€250,000, excludes Green mortgages

The low fixed rate period is shorter so the overall cost of the mortgage is higher, but the mortgage rate across the term is still around 2.5% APRC.

Avant Money lead the pack, with their 4 year fixed at 2.50% APRC with an introductory rate of 2.45%. ICS run them very close, with more flexible lending policies that might suit if you want a super short term rate.

Best variable mortgage rates – Best mortgage rates Ireland 2022

If you want the flexibility to switch without any penalty in the early years or are not sure about the benefits of a fixed rate, there are still variable mortgage rates that offer big savings on other mortgage rates. 


Follow on/Variable Mortgage Rates
up to
50% LTV
Follow on Rate
up to
60% LTV
Follow on Rate
up to
70% LTV
Follow on Rate
up to
80% LTV
Follow on Rate
up to
90% LTV
Follow on Rate
Avant Money2.45%2.45%2.45%2.70%2.70%
ICS Mortgages2.45%2.45%2.45%2.70%2.70%
Finance Ireland2.75%2.95%2.95%2.95%3.15%
Haven Mortgages2.75%2.95%2.95%2.95%3.15%
AIB Mortgage2.75%2.95%2.95%2.95%3.15%
KBC3.00%3.00%3.05%3.05%3.3%
Ulster Bank3.50%3.50%3.70%3.70%3.90%
EBS Mortgage3.30%3.50%3.5%3.50%3.70%
Permanent TSB3.70%3.70%3.70%3.70%3.90%
Bank of Ireland3.90%3.90%4.20%4.20%4.50%
Probable follow on variable rates post fixed period based on current variable rates by provider

ICS offer an APRC of 2.45% which is far and away the best variable rate in the market. On the average mortgage and term, by switching to them you will save €21,641 versus Bank of Ireland’s 4% APRC product at the same LTV without even having to fix. Haven who are owned by AIB, also offer a competitive variable product.

3 things to look out for when choosing the best mortgage rate – Best mortgage rates Ireland 2022

cups

While the best mortgage rates are the most important thing in choosing the mortgage that’s right for you, there are a number of other things to also consider. Here are the top 3 things you need to know before picking your mortgage.

Approval rate

If you are switching without ‘topping up’ your mortgage (increasing your loan size), approval isn’t usually a big factor. If you are buying or topping up though, the lender you choose can have a big impact on your chance of approval.

For example KBC’s ‘hurdle rate’ for the disposable income you must have is lower than some other lenders. So if you are really stretching to buy that dream home, they may be a good option. ICS offers higher loan sizes to public sector workers, while Finance Ireland have a mortgage for borrowers who have a more rocky credit history.

It’s a good idea to talk to a broker or a mortgage sherpa, to pick the lender who is most likely to get you approved. A number of lenders only work through mortgage advisors and they can also apply to multiple lenders at the same time to maximise your chances.

Switcher, first time, mover, self build or Investment

Another thing that can make a big difference picking the best lender, is the type of buyer you are. Finance Ireland specialise in providing mortgages for investment properties, while other lenders like PTSB are good options if you are building your own property. A mortgage advisor who knows the lenders can help picking the right lender for your needs.

Cash back and other benefits

Bank of Ireland and PTSB offer cash back deals which give you money in your bank account instantly when you get a new mortgage or switch to them. KBC offer €3,000 to cover your solicitors and estate agent fees when your switching which can be a good option.

Generally though, the providers without the cash back offers are the better value in the long term. So unless you are planning switching every couple of years, you are better off choosing your mortgage rate based on the lowest mortgage APRC.

Mortgage advisors

Mortgage advisors, also known as brokers, are usually free to use as they are paid a commission by the lenders. The rates you pay via a broker are the same as those you pay when you go direct.

A number of lenders only operate through brokers, such as Avant Money and Finance Ireland. So working with a broker will often give you access to better rates.

As brokers are working with multiple lenders day in day out, they know all the pro’s and con’s of each lender and can give you independent advice on the best lender for you. Plus they will take the pain out of the paperwork, which is a big plus.

We have our own team of mortgage advisors at moneysherpa, the mortgage sherpas. Click here if you want to schedule a video call and get a sherpa to help you with your mortgage.

Best mortgage rates Ireland 2022, the verdict

Whether you are a switcher, mover, investor or first time buyer, we hope this article helped you cut through the fog around mortgage rates in Ireland and help you choose the best mortgage rates Ireland 2022.

Overall, the Finance Ireland’s 15-25 year fixed rates came clearly out on top as the overall best mortgage rate. Establishing a big lead in the ratings with their market leading APRC, which saves €20,000+ for switchers in most cases. There is also flexible terms built in that make it a great option for most people. You can read a full review of this product versus Avant Money’s equivalent offering here.

Avant Money’s products are also a great choice for those looking for medium fixed terms. We would strongly advise to fix for as long as you can, but if you want lots of flexibility or a friendlier credit policy ICS’s 3 Year Fixed or Variable rates are good options.

Next steps

You can also check out our deep dive reviews into the best mortgage rates and products by clicking the links below.

If you want to see what you could save by calculating your repayments and compare switching deals you can click 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 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.

Avant Logo
  • Rates from 2.44% APRC
  • Fixed for 3-30 Years
  • Tighter approval policy
ICS Logo
  • Rates from 2.78% APRC
  • Fixed for 3-5 Years
  • Flexible approval policy
Finance Ireland Logo
  • Rates from 2.93% APRC
  • Fixed for 3-25 Years
  • Flexible approval policy

Once you have your mortgage all sorted and you want to sell your own home this handy guide by the online Irish estate agent start up Moovingo might also be useful.

Mortgage Rate FAQ

What’s the best mortgage rate in Ireland?

The best mortgage rate right now is a 7-15 year rate from Finance Ireland or Avant Money with an APRC of 2-3%.

What’s the best 5 year mortgage rate?

The best 5 year rate has an APRC of 2.6%, 0.4% below the market average

What’s the best fixed mortgage rate?

The best fixed mortgage rates are those from the non bank lenders Finance Ireland and Avant Money, as rates after the fixed period are also lower.

How to get the best mortgage rate?

Talk to a broker who has appointments with all seven lenders, it’s their job to find the best rate for your circumstances.

If you still have questions check out our switching Q&A here.

Daire McConnon - mortgage sherpa lead

Need help with your mortgage?

No hassle, in a 15 minute call our mortgage sherpa team will guide you on the journey. 

They will help you borrow, find you the best deal and make the paperwork painless.

Best of all, they are free as they are paid for by the lenders.

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They were really friendly, gave me independent advice and helped me pull together the paperwork. Most people don't realise they are in a position to save so much by switching
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Easy to use web app instead of email really helped. Would definitely recommend moneysherpa for your mortgage.
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