Mortgage interest rates Ireland. Rates are on the move, the good news is they’re down not up. That means big savings with the right provider.
With the entry of new non bank lenders into the Irish mortgage market, we have seen real competition on mortgage interest rates in Ireland in the last couple of years. That’s great news for Consumers.
Non bank lenders have less cost than the traditional banks, they don’t have to hold as much capital due the way they are funded, they don’t have expensive branch networks to support and they don’t have the cost of tracker mortgages to offset.
The three non bank lenders Avant Money, ICS and Finance Ireland have been fighting for the top dog position in the Irish Mortgage market in recent months. These three have been offering much better value than the traditional lenders (Bank of Ireland, AIB, PTSB, KBC, Ulster) for some time.
| 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 26/05/2023
Finance Ireland dropped their rates this week and Avant Money just fired back with their mortgage rate cuts, opening up a clear lead on the competition with their latest mortgage interest rate changes.
Read on to find out who has the best mortgage interest rate Ireland, how much that means for your pocket and if you can get it.
Rate Comparison – Mortgage Interest Rates Ireland 2023
No 1 Provider Avant Money – Mortgage Interest Rates Ireland 2023
Next Steps – Mortgage Interest Rates Ireland 2023
Best Mortgages – Mortgage Interest Rates Ireland 2023
Rate Comparison – Mortgage Interest Rates Ireland 2023
You can see how all the recent mortgage interest rate moves shake out in our handy table below, for the most popular rate in the market the 3 year fixed rate.
We use the Annual Percentage Rate Charge (APRC) to represent the average interest rate rate across the lifetime of a typical mortgage, as this is the best way to compare as recommended by the Competition & Consumer Protection Commission. [1]
Avant have now opened up a clear lead at the top of the table at least 0.35% ahead of their nearest rivals ICS. Turning to the foot of the table EBS, PTSB and Bank of Ireland prop things up with all their rates at least 1.25% more expensive than Avant Money.
| 3 Year Fixed APRC | Avant Money | ICS Mortgages | Finance Ireland | Haven Mortgages | AIB Mortgage | EBS Mortgage | Permanent TSB | Bank of Ireland | Bank of Ireland (Re-fix) |
| Up to 50% LTV | 3.61% | 4.90% | 6.09% | 3.80% | 3.45% | 4.10% | 3.98% | 4.60% | 4.10% |
| Up to 60% LTV | 3.61% | 4.90% | 6.23% | 3.50% | 3.63% | 4.10% | 3.98% | 4.60% | 4.10% |
| Up to 70% LTV | 3.63% | 4.92% | 6.25% | 3.80% | 3.63% | 4.10% | 4.12% | 4.60% | 4.20% |
| Up to 80% LTV | 3.80% | 5.15% | 6.25% | 3.80% | 3.63% | 4.10% | 4.12% | 4.60% | 4.20% |
| Up to 90% LTV | 3.82% | 5.18% | 6.51% | 3.80% | 3.80% | 4.10% | 4.24% | 4.60% | 4.50% |
If you’re thinking that a couple of percentage points won’t make that much difference, you’re mistaken.
A quick example using the average mortgage in Ireland of €240,000 and term of 15 years might help.
- Total Interest = €42,536, Avant Money’s 3 Year 90% LTV Fixed Rate
- Total Interest = €51,064, with ICS’s 3 Year 90% LTV Fixed Rate
- Total Interest = €80,084, with Bank Of Ireland’s 3 Year 90% LTV Fixed Rate
That’s a difference in what you will pay of €37,548 between the top and the bottom provider.
It’s worth noting that the bottom 3 providers EBS, PTSB and Bank of Ireland do offer cash back on their loans, but the maximum cash back is only €7,200, that’s way below the extra you will be charged for repayments. The smart move then is to ignore the cash back if you can, it’s only there to hide the uncompetitive interest rates from these providers.
Even the interest rate difference between the top two Avant Money and Finance Ireland is significant at €8,528 over the duration of the mortgage.
No 1 Provider Avant Money – Mortgage Interest Rates Ireland 2023
Avant Money have led the market on introductory rate for mortgages with a lower loan to value since their entry into the Irish market.
However, Haven offered better rates on some of the higher loan to value mortgages and ICS had matched their introductory rate with a slightly better rate after the introductory period.
Avant Money’s latest changes have addressed these two areas.
- They now lead the pack for introductory rates for all loan to values.
- They now have one of the best follow on rates in the market
These moves mean if you are looking for the lowest cost in both the short and long term they are now clearly the best option. The best way to compare the overall cost of a mortgage is to use the APRC.
Avant Money’s Short and Medium introductory rates and APRC are laid out here.
| Short Term Fixed Rate LTV 60% | Fixed Rate | Fixed APRC |
| 3 Years | 3.60% | 3.61% |
| 4 Years | 3.75% | 3.68% |
| 5 Years | 3.80% | 3.73% |
| 7 Years | 3.95% | 3.87% |
| 10 Years | 3.95% | 3.95% |
| Short Term Fixed Rate LTV 70% | Fixed Rate | Fixed APRC |
| 3 Years | 3.65% | 3.63% |
| 4 Years | 3.80% | 3.70% |
| 5 Years | 3.85% | 3.75% |
| 7 Years | 4.00% | 3.90% |
| 10 Years | 4.00% | 3.99% |
| Short Term Fixed Rate LTV 80% | Fixed Rate | Fixed APRC |
| 3 Years | 3.75% | 3.80% |
| 4 Years | 3.85% | 3.85% |
| 5 Years | 3.90% | 3.89% |
| 7 Years | 4.05% | 4.01% |
| 10 Years | 4.05% | 4.07% |
| Short Term Fixed Rate LTV 90% | Fixed Rate | Fixed APRC |
| 3 Years | 3.80% | 3.82% |
| 4 Years | 3.90% | 3.87% |
| 5 Years | 3.95% | 3.91% |
| 7 Years | 4.10% | 4.04% |
| 10 Years | 4.10% | 4.11% |
The other piece of good news is that Avant have now extended their availability from only urban centres to offer mortgages right across the country. One thing to watch out for though, Avant Money are selective about what they lend for and to who.
- They offer residential mortgages of more than €100,000 only, including first time buyers, home movers and switchers.
- They do not offer investment, buy to let or staged payment self build mortgages.
They will do top up mortgages for home improvements as well, but that is pretty much it.
If you are looking to switch or buy right now though and you can get an Avant Money mortgage, then you should.
If you can’t get an Avant Money mortgage because of their tight credit policy ICS and Finance Ireland are both good options, with rates far better than the traditional lenders.
So advantage Avant Money, all eyes will be on the other lenders to see if they can respond. Either way it’s great news for hard pressed Irish consumers looking to save a few euro.
Next Steps – Mortgage Interest Rates Ireland 2023
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 get your savings started right now, set up a free no obligation video call with a mortgage sherpa here.
