Best mortgage rate Ireland 2022

We’ve spent hours crunching all the mortgage rate numbers to come up with the best mortgage rate 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.

Our analysis of the best mortgage rate Ireland 2022 includes all the 250+ rates available on the market today for residential mortgages. We have the best tools, the best experts and aren’t tied to any lender. So read on to get the lowdown.

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 rate. 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]

  • The lowest rate on the market today is Avant Money’s 7 yr fixed rate at 2.01% 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 2.01% 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 mortgage rate. Moneysherpa’s advisors deal with all the leading lenders so can point you in the right direction.

Best mortgage rate Ireland 2022

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 to choose.

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

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

So what is the best mortgage rate Ireland 2022? There are two main types of mortgage rate 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 2.7%. 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?

The lowest APRC’s are usually for the longest fixed deals like Avant Money’s 15yr fixed at 2.29%, this rate has really shook up the market and if you’re looking for the lowest cost both in the short and long term it’s the clear winner. Now, you probably won’t change your mortgage too often, but if you want the option there are plenty of 4-7 yr options still at APRC’s of 2.5% or less, which we cover below.

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

The rate 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 rate 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 rate Ireland 2022 and the key reasons we selected each category winner.

Best mortgage rate Ireland overall – Best mortgage rate Ireland 2022

ProviderAPRCProductLTVApproval rate
Avant Money2.29%15 yr fixed<60%Medium

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

The Avant Money 15 year fixed rate product has the lowest introductory rate of 1.95% in the market for the first fifteen years, with a market leading APRC over the lifetime of the mortgage of 2.29%.

Avant Money are owned by the large Spanish bank Interbank. As a new entrant they have a lower cost base than most of the other lenders, which allows them to offer more attractive deals.

Average Rate (APRC) 10 Yr15 Yr20 Yr25 Yr
Avant Money2.12%2.30%2.50%2.70%
ICS Mortgages
Finance Ireland2.53%2.47%2.55%2.71%
Haven Mortgages3.10%
Permanent TSB
Bank of Ireland3.50%
* LTV < 50%

They operate quite a strict lending policy, so it may be worth talking to a broker or using our online approval assessment tool to get your approval chances assessed in advance of application. If you can get it and you are happy to commit to the fifteen years, this product wins the mortgage rate war hands down.

The leading score on rate, whilst not dropping many points on the basis of flexibility, makes the Avant Money 15 year fixed product the best mortgage rate Ireland 2022 choice overall and also the best fixed mortgage rate. 

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

ProviderAPRCProductLTVApproval rate
Avant Money2.02%4yr fixed<60%Medium
Avant Money 2.03%3yr fixed<60%Medium
ICS Mortgages2.47%3yr fixed<60%High

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 Rate (APRC) 3 Yr4 Yr5 Yr7 Yr
Avant Money2.03%2.02%2.02%2.01%
ICS Mortgages2.47%2.50%
Finance Ireland2.66%2.60%
Haven Mortgages3.00%3.00%2.90%
Permanent TSB3.57%3.14%3.46%3.36%
Bank of Ireland3.70%3.30%3.6%
* LTV < 50%, 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% APRC.

Avant Money lead the pack, with their 4 year fixed at 2.02% APRC with an introductory rate of 1.95%. ICS run them very close, with more flexible lending policies that might suit if you want a super short term rate.

Best variable mortgage rate – Best mortgage rate Ireland 2022

ProviderAPRCProductLTVApproval rate
Finance Ireland2.81%Variable<50%Medium

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 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 Money2.00%2.00%2.00%2.20%2.20%
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%
Ulster Bank3.50%3.50%3.70%3.70%3.90%
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 at 2.8%

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


While the mortgage rate is 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.

Cashback and other benefits

Bank of Ireland and PTSB offer cashback 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 cashback 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 rate 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 rate Ireland 2022.

Overall, the Avant Money 15 year fixed rate came clearly out on top as the overall best mortgage rate. Establishing a big lead in the ratings with their market leading APRC of 2.29%, 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 Finance Ireland’s equivalent offering here.

Avant Money’s other 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

If you want to know more about longer term fixed rates, you can check out our deep dive best fixed rate mortgage piece here or how fixed versus variable compares here.

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 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.

Avant Logo
  • Rates from 2.02% APRC
  • Fixed for 3-30 Years
  • Tighter approval policy
ICS Logo
  • Rates from 2.47% APRC
  • Fixed for 3-7 Years
  • Flexible approval policy
Finance Ireland Logo
  • Rates from 2.53% 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.

Daire McConnon - mortgage sherpa lead

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