Finance Ireland Mortgage Ultimate Review – Ireland 2022

Finance Ireland have some of the best rates on the market are backed by the National Treasury Management Agency and headed by the ex PTSB boss Billy Kane. In our Finance Ireland Mortgages Ultimate Review – Ireland 2022 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.

  • Finance Ireland’s Short and Medium term fixed rate products are third place for value in the market behind Avant Money and ICS, but under cutting all the Irish banks by some margin.
  • Finance Ireland’s Long term fixed rates from 15 years + are the only option if you aren’t eligible for an Avant Money one mortgage and are very competitive.

Finance Ireland are competitive, 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.

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 2022

Pro’s & Con’s – Finance Ireland Mortgages Review Ireland 2022

Recommendation – Finance Ireland Mortgage Review Ireland 2022

Alternatives – Finance Ireland Mortgage Review Ireland 2022

In a Nutshell – Finance Ireland Mortgages Review Ireland 2022

Finance Ireland Mortgage Rate and Product Overview – Finance Ireland Mortgage Review Ireland 2022

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.

Their standard product is ‘progress’ with introductory rates from 2.25% which matches up reasonably well to the market leading rate of 1.95%.

The more flexible ‘progress plus’ products start from 3.2%, this is 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.

Progress v Progress Plus60% LTV70% LTV80% LTV90% LTV
Fixed TermRateAPRCRateAPRCRateAPRCRateAPRC
Progress Plus 3 Years3.20%3.31%3.20%3.34%3.20%3.56%3.35%3.82%
Progress 3 Years2.25%2.80%2.25%2.82%2.3%2.82%2.65%3.07%
Progress Plus 5 Years3.35%3.37%3.35%3.40%3.35%3.56%3.50%3.80%
Progress 5 Years 2.30%2.71%2.35%2.73%2.35%2.73%2.80%3.05%
FINANCE IRELAND RATES (APRC calculated on €100K loan, 30 years, valuation of €185, security release €40)

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 3.5 times your income. These mortgages are known as ‘exceptions’ as they are exceptions to the Central Bank lending limits.

Finance Ireland Mortgage Rate

Finance Ireland offer two types of fixed mortgage rate. Short/Medium 3, 5 & 7 year fixed rates and Long term 10, 15, 20, 25 year fixed rates.

In the short term fixed rate mortgage comparison table below the Finance Ireland mortgage performs well coming in behind Avant Money and ICS. Check out our comparison across all 3 year fixed rates below.

3 Year Fixed
APRC Comparison
up to
50% LTV
up to
60% LTV
up to
70% LTV
up to
80% LTV
up to
90% LTV
Avant Money2.03%2.03%2.06%2.23%2.25%
ICS Mortgages2.38%2.38%2.42%2.63%2.68%
Finance Ireland2.75%2.95%2.95%2.95%3.15%
Haven Mortgages3.1%3.1%3.1%3.1%3.1%
AIB2.71%2.90%2.90%3.08%3.08%
KBC3.03%3.03%3.08%3.08%3.28%
EBS3.5%3.5%3.5%3.5%3.5%
Permanent TSB3.57%3.57%3.67%3.67%3.71%
Bank of Ireland3.7%3.7%4.7%4.1%4.1%

In particular rates at the lower LTV’s and for the longer fixed rate of 7 years are almost the same as the market leader, as our comparison table versus the market leader Avant Money makes clear.

Short/Medium Term v Market Leader60% LTV70% LTV80% LTV90% LTV
Fixed TermRateAPRCRateAPRCRateAPRCRateAPRC
Avant Money 3 Years1.95%2.03%2.05%2.06%2.15%2.23%2.2%2.25%
Finance Ireland 3 Years2.25%2.80%2.25%2.82%2.3%2.82%2.65%3.07%
Avant Money 5 Years1.95%2.02%2.05%2.06%2.15%2.22%2.2%2.25%
Finance Ireland 5 Years 2.30%2.71%2.35%2.73%2.35%2.73%2.80%3.05%
Avant Money 7 Years1.95%2.01%2.05%2.07%2.15%2.21%2.25%2.28%
Finance Ireland 7 Years2.30%2.71%2.35%2.73%2.35%2.73%2.80%3.05%
FINANCE IRELAND RATES (APRC calculated on €100K loan, 30 years, valuation of €185, security release €40)

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.

Compare
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 Money2.50%2.50%2.50%2.75%2.75%
ICS Mortgages2.65%2.70%2.70%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%
AIB2.75%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%
EBS3.30%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

Finance Ireland has a pretty healthy follow on rate the third best in the market and almost 1% lower than the Irish banks, so they are a pretty good choice.

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. However, on the 25 yr rate Finance Ireland are really competitive. If you can’t get the Avant Money rate then these long term rates offer great value versus current bank rates and protect your repayments if rates rise.

Long Term60% LTV70% LTV80% LTV90% LTV
Fixed TermRateAPRCRateAPRCRateAPRCRateAPRC
Avant Money to 15yr2.25%2.29%2.40%2.44%2.50%2.54%2.65%2.70%
Finance Ireland to 15yr 2.40%2.63%2.65%2.73%2.65%2.73%2.85%2.93%
Avant Money to 20 yr2.45%2.49%2.60%2.65%2.60%2.65%2.75%2.80%
Finance Ireland to 20yr 2.50%2.55%2.65%2.71%2.75%2.81%2.95%3.02%
Avant Money to 25yr2.65%2.70%2.80%2.85%2.90%2.95%2.99%3.05%
Finance Ireland to 25yr2.65%2.71%2.80%2.86%2.90%2.96%2.99%3.06%
FINANCE IRELAND RATES (APRC calculated on €100K loan, 30 years, valuation of €185, security release €40)

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.

Both Avant Money and Finance Ireland have introduced flexibility features allowing overpayments, capping exit fees and allowing home moving. The Finance Ireland product is also the slightly more flexible of the two and these features have made this product a real option for many for the first time.

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 2022

Pro’s

  • Attractive fixed rates
  • Good value ‘follow on’ or Variable rates
  • Only one of two providers offering up to 25 year fixed rates which ‘lock in’ current low fixed rates
  • Will give approval when others won’t with Progress Plus

Con’s

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

Recommendation – Finance Ireland Mortgage Review Ireland 2022

For most customers Avant Money will beat Finance Ireland for value. That said, at lower LTV’s and higher fixed terms there really isn’t much between them.

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 2022

Avant Logo
  • Rates from 2.29% APRC
  • Fixed for 3-30 Years
  • Tight approval policy
ICS Logo
  • Rates from 2.29% 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

In a Nutshell – Finance Ireland Mortgages Review Ireland 2022

The non bank lenders Avant Money, ICS Mortgages and Finance Ireland 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, ICS Mortgages and Finance Ireland are available through brokers or through one our mortgage sherpas.

Next Steps – Finance Ireland Mortgages Review Ireland 2022

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 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 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.

Daire McConnon - mortgage sherpa lead

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