Home Plus are the only provider of Equity Release Home Reversion products for people over 55 in Ireland, but are they the right choice for you? In our Home Plus Ultimate Review – Ireland 2022 we give you the inside track on home reversion plus what the options and alternatives are.
Home Plus are regulated by the Central Bank of Ireland and have been offering Equity Release products in Ireland for over a decade.
Equity Release can be a good way to unlock money tied up in your home if you are over 55. You can use the cash for anything you’d like from a holiday to helping the kids get on the property ladder.
Equity Release comes in two flavours,
If you want make sure you will have equity left in your home when you move out or die home reversion beats lifetime loans. This is because the proportion of your home you are giving up is agreed up front. With lifetime loans the proportion of your home given up increases the longer you stay in your home.
With home reversion you sell a % of your home to release cash, but hold onto the rest and can live in the home till you permanently move out or die. Home Plus are the only current provider of home reversion products in Ireland.
Here’s how the Home Plus home reversions work in principle,
You can set up a Free consultation with Qualified Financial Advisor from Home Plus here.
Read on to get all the facts and figures on Home Plus and home reversion equity release to see if it might be a good fit for you.
Home Plus are the only providers of home reversion products in Ireland and have been in Ireland for over a decade. They are regulated by the Central Bank of Ireland.
They are a sister company of retirement bridge in the UK who are the UK’s largest administrators of home reversion products.
Home reversion is a form of equity release where you sell a portion of your home to a provider in return for a cash free lump. In the UK home reversion makes up over 10% of the Equity Release market.
With a home reversion you can choose to either to just take the lump sum with no monthly payments or to increase the lump sum size ‘boosting’ by committing to make monthly payments.
Unlike with a Lifetime Loan the Home Plus Equity Release product caps the share of the property that you give up at the start. This guarantees that you will own the remainder allowing you to pass on a share to your family if you wish when you die.
The minimum lump sum is €50,000 with no maximum lump sum in theory as it depends on the value of your home.
In practice the maximum lump sum you can receive is 70% of the current market value of your home which is then discounted depending on your age.
If you’re in your early 60’s then the discount on the lump sum is around 50%, as the provider expects their cash to be tied up in your home for quite awhile.
If you are in your 80’s though you will get closer to the market value as your lump sum as the provider doesn’t expect you or their investment to be in your house for as long.
In actual fact the level of discount is set by the youngest resident on the deeds, as that is what will drive how long Home Plus will have to wait for the sale of your home.
Eileen is 75 and has a house worth €700,000. Under the terms of the Home Plus home reversion, she is entitled to sell 70% of her home to Home Plus.
Her son Mark is looking to move house as the kids are getting bigger. Eileen wants to help her son and decides to gift Mark €175,000. Eileen sells 54% of her home to Home Plus to raise the €175,000 she needs to gift to Mark.
As the €175,000 is under the current parent /child CAT threshold amount of €335,000 there is no taxes involved and Mark can use the €175,000 plus a mortgage to buy a larger home.
The big drawback of home reversion is the steep discount that applies when you sell your share to Home Plus in return for a lump sum.
This depends on your age, at 55 you will only get around 23% of the market value for the share you sell, while at 75 this climbs to around 50%.
The good news is that you will get around 5% more if the youngest home owners is male, but the bad news is that this is because the provider thinks it is more likely that you will die earlier.
The discounts are so big, because of the amount of risk the provider is taking on versus the risk the home owner is taking.
You get your hands on the cash and know exactly how much equity you are giving up, but the provider doesn’t know when the property will sell or what state the housing market will be in when that happens.
To qualify for a home reversion
You must be:
the Property must be
As part of the home reversion agreement you have the option to buy back the share you sell to Home Plus at the market rate at any time. This can make sense if for example you decide to downsize your home at any point.
Your estate also has first option to buy back the share at the market rate from Home Plus after your death if they wanted to keep the family home.
If the option is not exercised the house will go for public sale with each party receiving their share of the proceeds on sale.
So here’s some of the key things to consider when thinking about getting a home reversion without monthly payments
If you are thinking about a home reversion you don’t need to take it all out at once. By taking it out over time you can reduce the overall amount of discount to market value you receive.
There is no point in having cash from your home reversion sat in the bank not being used and earning no interest. So only take out what you need at each stage.
If your thinking of Equity Release it may make sense for you to talk to members of your family who may be effected.
There is obviously no legal reason you have to discuss your decision with them, but it can save some heartache when your decision to take equity release comes to light later on down the track.
Equity Release is a big decision and you should get advice and guidance through the process from a qualified financial advisor and a solicitor.
If you use a qualified financial advisor who has an appointment with Spry Finance or Home Plus from the Central bank of Ireland they will probably be free to use, as the providers will cover their costs. You can get in touch with a qualified financial advisor who can talk you through how to get a home reversion here.
You will have to pay for a solicitor, with fees ranging from €1,200 to €2,500 depending on who you use. We recommend Colm O’Cochlain & Co who have a flat all in fee of €1,200 including VAT for equity releases, as they have the lowest fees, specialise in equity release arrangements and operate nationwide. Please quote moneysherpa if you want to secure the best rate.
The other main form of equity release is lifetime loans, where you borrow against the equity in your home. You can check out our article on Spry Finance lifetime loans here or our article on equity release here were we weigh up the pro’s and con’s of each option.
Equity release is growing in popularity if you’re over 55 as a way to free up much needed cash from your home and still continue to live there. If you’re under 55 the equivalent is a top up mortgage.
You can use it for yourself or to free up cash for your kids, often to help them get on the housing ladder. It is relatively costly compared to downsizing so you need to weigh the pros and cons of both.
If you do want to go ahead with equity release you should get qualified financial advice.
One of the two most popular ways to release equity is through a home reversion, the only provider of these in Ireland right now is Home Plus who are regulated by the Central Bank of Ireland.
You can get in touch with a qualified financial advisor who can talk you through how to complete a home reversion here or you can check out moneysherpa’s own in house broker teams the mortgage sherpas here.
The other main form of equity release is lifetime loans, where you borrow against the equity in your home. You can check out our article on Spry Finance lifetime loans here or our article on equity release here were we weigh up the pro’s and con’s of each option.
We have loads more in our mortgage provider reviews here.
If you want to have a chat and talk it through you can click for a mortgage check up with one of our sherpas here.
You can get more detail on lifetime loans, home reversion and equity release from the CCPC [1].
Spry Finance are the only provider of Equity Release Lifetime Loans for people over 60 in Ireland, but are they the right choice for you? In our Spry Finance Ultimate Review – Ireland 2022 we give you the inside track on lifetime loans plus what the options and alternatives are.
Spry Finance are regulated by the Central Bank of Ireland, have over 2,000 customers in Ireland and have been offering Equity Release products in Ireland since 2006.
Equity Release can be a good way to unlock money tied up in your home if you are over 60. You can use the cash for anything you’d like from a holiday to helping the kids get on the property ladder.
Equity Release comes in two flavours,
Lifetime loans are the most popular form for equity release and Spry Finance are the only current provider of lifetime loans in Ireland.
Here’s how the Spry Finance lifetime loans work in principle,
You can set up a Free consultation with Qualified Financial Advisor from Spry Finance here.
Read on to get all the facts and figures on Spry Finance and lifetime Equity Release to see if it might be a good fit for you.
Spry Finance are the only providers of lifetime loans in Ireland after Bank of Ireland withdrew from the market following the market crash in 2008.
They are part of the Seniors Money International Group who also have experience of offering these loans in Australia, Canada, Spain and New Zealand, with funds provided by Deutsche Bank.
Lifetime loans are most popular form of equity release where you borrow some of your home’s value at a fixed interest rate. In the UK lifetime loans make up over 90% of the Equity Release market.
With a lifetime loan you can choose to either leave the repayments to when you move out and sell your home or pay off some of the interest monthly.
If you don’t make any monthly payments the interest that builds up will eat into what is left over from the sale of your property for you or your family when you do move out though.
The Spry Finance Equity Release product guarantees however that the money you will have to repay at the point of sale will never be bigger than the value of your home, so you won’t pass on any debt to your family.
The minimum amount you may borrow is €20,000 with the maximum capped at €500,000
The maximum amount for each property is based on:
Eileen is 75 and has a house worth €700,000. Under the terms of the Spry Finance Lifetime Loan, she is entitled to borrow up to 30% of the value of her home.
Her son Mark is looking to move house as the kids are getting bigger. Eileen wants to help her son and decides to gift Mark €175,000. Eileen takes out a €175,000 Lifetime Loan at a rate of 4.95% per annum.
As the €175,000 is under the current parent /child CAT threshold amount of €335,000 there is no taxes involved and Mark can use the €175,000 plus a mortgage to buy a larger home.
The interest rate is fixed at 5.45% for the lifetime of the loan, which gives certainty as to the future loan balance.
At 5.45% the rate is higher than standard fixed rate mortgage products which have comparable rates of around 3%. However, standard mortgages usually must complete before the home owner is 75 so don’t usually make sense for older applicants.
It’s the amount available going up with age, the interest rate being fixed and the fact that the value of the loan never will exceed the value of the property that makes lifetime loans attractive for older customers.
The reason that the interest rate is higher for lifetime loans is that the lender guarantees the rate is fixed no matter how long you stay in your home and that the loan will never become larger than equity in your property.
This is true no matter how long you live or whatever happens to property prices. You can think of this a little like a built in insurance policy on your loan terms.
To qualify for a lifetime loan
You must be:
the Property must be
Interest is added to the loan balance each month (i.e. compound interest), so the loan balance grows over time. Interest is calculated on the daily balance and compounded monthly.
So over a long period and a rate of 5.45% interest payments can really mount up, significantly reducing any proceeds to you or your estate from the sale of your home in future.
That’s why even though you don’t have to pay off any of loan until you move out it can make sense to make some repayments if you can afford to and keep the accumulated interest payments down.
With the Spry finance lifetime loan you can make some partial repayments, but limited as follows:
If you want to pay off more, an Early Repayment Charge may apply. This charge is capped under EU legislation and is calculated on the difference between Central Bank rates when you take out the loan versus what they are at the time you want to pay the loan back.
You should also note that if you want to move house payment of the loan becomes due immediately, you can usually transfer the loan to the new property if it has enough equity. If it doesn’t this can make things tricky and is worth considering if you are thinking of downsizing your home at any point.
So here’s some of the key things to consider when thinking about getting a lifetime loan
If you are thinking about a lifetime loan you don’t need to take it all out at once. By taking it out over time you can reduce the overall amount of interest that you will pay.
There is no point in having cash from your lifetime loan sat in the bank not being used and earning no interest. So only take out what you need to reduce the interest you pay on the lifetime loan overall.
If your thinking of Equity Release it may make sense for you to talk to members of your family who may be effected.
There is obviously no legal reason you have to discuss your decision with them, but it can save some heartache when your decision to take equity release comes to light later on down the track.
Equity Release is a big decision and you should get advice and guidance through the process from a qualified financial advisor and a solicitor.
If you use a qualified financial advisor who has an appointment with Spry Finance or Home Plus from the Central bank of Ireland they will probably be free to use, as the providers will cover their costs. You can get in touch with a qualified financial advisor from Spry who can talk you through how to get a lifetime loan here.
You will have to pay for a solicitor, with fees ranging from €1,200 to €2,500 depending on who you use. We recommend Colm O’Cochlain & Co who have a flat all in fee of €1,200 including VAT for equity releases, as they have the lowest fees, specialise in equity release arrangements and operate nationwide. Please quote moneysherpa if you want to secure the best rate.
The other main form of equity release is home reversion, where you sell a share of your home in return for a lump sum. You can check out our article on Home Plus home reversion here or our article on equity release here were we weigh up the pro’s and con’s of each option.
Equity release is growing in popularity if you’re over 60 as a way to free up much needed cash from your home and still continue to live there. If you’re under 60 the equivalent is a top up mortgage.
You can use it for yourself or to free up cash for your kids, often to help them get on the housing ladder. It is relatively costly compared to downsizing so you need to weigh the pros and cons of both.
If you do want to go ahead with equity release you should get qualified financial advice.
The most common way to release equity is through a lifetime loan, the only provider of these in Ireland right now is Spry Finance who are regulated by the Central Bank of Ireland.
You can get in touch with a qualified financial advisor from Spry who can talk you through how to get a lifetime loan here or you can check out moneysherpa’s own in house broker teams the mortgage sherpas here.
We have loads more in our mortgage provider reviews here.
If you want to have a chat and talk it through you can click for a mortgage check up with one of our sherpas here.
You can get more detail on lifetime loans, home reversion and equity release from the CCPC [1].
Our analysis of the best mortgage protection insurance Ireland 2022 includes all the rates available on the market from the main 5 mortgage protection providers in Ireland.
Our winner as Best Mortgage Provider Overall is Zurich Life. You can sign up to Zurich here now or read our full market review and other recommendations below.
If you got your protection through your bank or haven’t switched recently you will probably save around €3,600 by switching. As life expectancy has increased life and mortgage protection costs have dropped, a win win for all!
The beauty is you will likely get a better policy, save money and have it all done and dusted in less than 20 minutes. We have the best tools, the best experts and aren’t tied to any provider. So read on to get the full lowdown on how much you could save.
At its core Mortgage Protection Insurance does what it says on the tin. It pays off your outstanding mortgage if you die. That’s why lenders insist you take out a mortgage protection policy before giving you a mortgage in the first place. [1]
If you are in good health a competitive policy on typical mortgage of around €200,000 should come out at around the €20 a month mark.
That said all sorts of bells and whistles can be tacked on by providers to jack up the price and if you got your mortgage protection from the bank when you took out your mortgage you will definitely be paying over the odds.
Providers will quote you the non discounted price or try to up sell you to a full life insurance package that insures more than your mortgage, when most people only want no frills mortgage protection.
So apart from the rate, what does matter when you are picking your mortgage protection?
Unlike some of the other add ons, dual mortgage protection can make a lot of sense for most couples.
If you have a standard single or joint protection policy, only the mortgage gets cleared if you both die. If you have a Dual policy however, you get two payments. One to clear the mortgage the other to your remaining family.
The reason that this makes sense is that the cost of a Dual policy is only slightly more than a Single/Joint policy. So if you were thinking about a life policy anyway to pass on something to the kids this can be a very cost effective way to do it.
One big trap to avoid with life insurance is that after a health scare, premiums rocket or you may not be able to get insured at all.
Think of a Conversion and Guaranteed Insurability options as get out of jail free cards if this happens.
With a conversion option at some point in the future you can turn your mortgage protection policy into a full life insurance policy without having to answer any medical questions.
Guaranteed Insurability works a similar way. You can increase your cover without having to answer any health questions on special occasions such as:
New Ireland, Royal London and Zurich offer a conversion option and everyone will offer Guaranteed Insurability. Again either option costs a little more, but having one of these in place to secure a ‘get out of jail free card’ is almost certainly worth it on balance.
This one is unique to Zurich, they will pay your Mortgage Protection if your injured or too incapacitated to work for more than 13 weeks.
If you are on a lower premium then I’d probably wouldn’t weigh this too heavily, but if you have a very large mortgage or health issues it might provide a welcome parachute option.
If you’re as fit as a fiddle this doesn’t make much difference, but if you have any health conditions or family history then knowing which provider is most likely to underwrite your policy becomes the single most important thing.
That’s where talking to a broker who can match you with the best provider for you really makes sense. Brokers are matching customers with providers all the time and know which providers are likely to give you the best combination of approval odds and price.
The good news is most brokers are free to use as they are paid for by the lender. Make sure they aren’t tied to a particular provider though so can give you the best deal in the market.
| Provider Benefits | Irish Life | New Ireland | Aviva | Zurich | Royal London |
| Conversion Option | X | Y | X | Y | Y |
| Guaranteed Insurability | Y | Y | Y | Y | Y |
| Waiver of Premium | X | X | X | Y | X |
| Underwriting Approach | Fair | Good | Fair | Tight | Tight |
So what is the best mortgage protection insurance Ireland 2022?
Here’s our recommendations.
Here’s how the ratings broke down in each of our categories, the key data for the best mortgage protection insurance Ireland 2022 and the key reasons we selected each category winner.
| Provider | Benefits | Underwriting | Price | Overall |
|---|---|---|---|---|
| Zurich Life | Best | Bottom 2 | Top 2 | Excellent |
If you’re in good shape and looking for good value while still getting the key benefits look no further than the Zurich Mortgage Protection Insurance product
Zurich’s mortgage protection has the strongest line up of benefits across all the providers offering all three of the key benefits.
Crucially Zurich’s Mortgage Protection offering also scored strongly on price, neck and neck with Royal London’s Mortgage Protection product.
This combination of strong benefits and good value saw Zurich clinch moneysherpa’s top spot as best Mortgage protection provider overall Ireland 2022.
If the extra benefits Zurich offer aren’t for you or you think an existing health condition may make getting mortgage protection difficult read on for our other recommendations.
| Provider | Benefits | Underwriting | Price | Overall |
|---|---|---|---|---|
| Royal London | Average | Bottom 2 | Number 1 | Good |
If you aren’t that bothered about the extra benefits of the Zurich Life Mortgage Protection package and just want a rock bottom price then we recommend Royal London’s Mortgage Protection Insurance.
Royal London consistently provide some of the keenest pricing in the market, even edging out Zurich Life our overall recommendation.
If you aren’t that worried about covering the costs of future health risks then Royal London’s Mortgage Protection offering fits the bill perfectly.
| Provider | Benefits | Underwriting | Price | Overall |
|---|---|---|---|---|
| New Ireland | Good | Best | Bottom 2 | Good |
If you have personal or family health conditions that are likely to be flagged up as part of the mortgage protection health questionnaire, your first priority is to get approved with price and benefits slipping down the pecking order.
A broker will be able to give you the best steer on which provider is likely to suit you best in this case, but generally the more expensive providers tend to have more sympathetic underwriting approaches.
Of these New Ireland is the pick of the pack, with pricing that’s still not the worst out there, supportive underwriting and decent benefits.
Whether you are looking for no frills, flexible underwriting or big benefits, we hope this article helped you cut through the fog around mortgage protection in Ireland and help you choose the best mortgage protection insurance Ireland 2022.
The mortgage protection policy you have can make a huge difference to your wallet, in the middle of buying a home many don’t give it much thought and then pay over the odds for years.
Overall, the Zurich Mortgage Protection Insurance offering came clearly out on top as the overall best mortgage protection product. Establishing a big lead in the ratings with their market leading benefits and competitive pricing.
For those looking for no frills we recommend Royal London and for those who need a flexible underwriting approach New Ireland.
Overall you can expect to save over €3,600 by switching your existing provider to one of our recommended providers. Even if you are on one of the providers currently you will still probably save as premiums have come down generally.
You can get a free quote on your own mortgage protection savings from our partner DFP here, it takes less than 20 minutes to switch.
If you want to know more about switching your mortgage you can click here. You can read our founders recent piece for extra.ie on the big mortgage switch we are seeing in Ireland right now here.
Or you can check out our handy switching mortgage guide here.
A Bank of Ireland Mortgage has always been a popular choice for Irish home buyers, but is a BoI mortgage good value? In our Bank of Ireland Mortgage Ultimate Review – Ireland 2022 we give you the inside track on all things BoI mortgage and what your options and alternatives are.
With Bank of Ireland being one of the Irish ‘pillar banks’ getting a BoI mortgage has always felt like a safe mortgage option for many.
Digging a little deeper though Bank of Ireland Mortgage rates right now are the highest in the market and there are better options for most people to choose.
As a bank that has to support a substantial branch network and expensive legacy tracker mortgages, BoI have the highest rates in the market, with only PTSB and EBS coming close to the banks high mortgage rates.
In the introductory fixed rate period you will end up paying around 1.5% more than with some other lenders and after that period the difference is even larger with Bank of Ireland charging rates of 3.7%-4.1% on their ‘follow on’ variable rates compared to 2.03%-2.25% with others.
Bank of Ireland do offer more in cash back, a once off payment when the mortgage is drawn down, than most other lenders, but what they give in cash back is way less than what they take with the higher introductory and follow on interest rates.
The difference in interest rates might not seem that much at first, but it really mounts up over the course of a mortgage term.
Read on to get all the facts and figures on how much seemingly cash back offers really cost you and what better alternatives are available.
You can check out how a Bank of Ireland mortgage compares to others using our calculator here.
Read on to find out if a Bank of Ireland mortgage makes sense for you and the other options for a great rate and easy approval.
Bank of Ireland are selective about what they lend for.
They will also do top up mortgages for home improvements.
Bank of Ireland has a reputation for being pretty flexible when it comes to their credit policy. The higher rates they charge seem to give their credit teams a bit more room to move than most. That said though, if you are have a more shaky or unusual credit history Finance Ireland are also a good option, without the gold plated price tag.
One thing to watch out for though is over recent years the time taken to approve a loan has extended to a couple of weeks a more, which can be a problem if you need your money in a hurry get hold of your dream home.
Unlike Avant Money they will allow you to borrow more than 3.5 times your income if you can show you have sufficient disposable income. These mortgages are known as ‘exceptions’ as they are exceptions to the Central Bank lending limits.
In the 3 year fixed rate mortgage comparison table below the Bank of Ireland mortgage comes out dead last, but unlike some of the other lenders they will give you 2% of your mortgage loan back when you draw down your loan as well as a further 1% after 5 years.
| 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 Money | 2.03% | 2.03% | 2.06% | 2.23% | 2.25% |
| ICS Mortgages | 2.78% | 2.78% | 2.80% | 3.03% | 3.06% |
| Finance Ireland | 3.03% | 3.17% | 3.19% | 3.19% | 3.44% |
| Haven Mortgages | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| AIB | 2.72% | 2.91% | 2.91% | 3.09% | 3.09% |
| EBS | 3.5% | 3.5% | 3.5% | 3.5% | 3.5% |
| Permanent TSB | 3.57% | 3.57% | 3.67% | 3.67% | 3.71% |
| Bank of Ireland | 3.7% | 3.7% | 3.7% | 4.1% | 4.1% |
| 4 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 Money | 2.02% | 2.02% | 2.06% | 2.23% | 2.23% |
| Haven Mortgages* | 2.8% | 2.8% | 2.8% | 2.8% | 2.8% |
| AIB | 2.77% | 2.95% | 2.95% | 3.13% | 3.13% |
| Permanent TSB | 3.14% | 3.14% | 3.24% | 3.24% | 3.39% |
| EBS | 3.5% | 3.5% | 3.5% | 3.5% | 3.5% |
| Bank of Ireland** | 3.3% | 3.3% | 3.4% | 3.5% | 3.7% |
The 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.
The reason the APRC, and therefore the cost of the mortgage, are so high for Bank of Ireland isn’t in fact the cash back element, but the very high follow on rate after the introductory period as you can see in the table below.
| 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 Money | 2.00% | 2.00% | 2.00% | 2.20% | 2.20% |
| ICS Mortgages | 2.45% | 2.45% | 2.45% | 2.70% | 2.70% |
| Finance Ireland | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| Haven Mortgages | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| AIB | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| KBC | 3.00% | 3.00% | 3.05% | 3.05% | 3.3% |
| Ulster Bank | 3.50% | 3.50% | 3.70% | 3.70% | 3.90% |
| EBS | 3.30% | 3.50% | 3.5% | 3.50% | 3.70% |
| Permanent TSB | 3.70% | 3.70% | 3.70% | 3.70% | 3.90% |
| Bank of Ireland | 3.90% | 3.90% | 4.20% | 4.20% | 4.50% |
So how does the cash back offer stack up against those super high interest rates?
Cash back can come in really handy to pay solicitor fees etc.. and the first few years after moving in are when you are often most hard pressed financially, so is often tempting. As you can see Bank of Ireland’s cash back option looks like the most generous in the market.
| Compare Cash back | Cash back Min | Cash back Max | Cash back conditions |
| Avant Money | €0 | €1,500 | Switcher from Ulster bank or KBC only |
| KBC | €1,500 | €3,000 | Min = FTB/Mover non Exceptions Max = Switchers |
| Haven | €0 | €2,000 | Switcher only |
| AIB | €0 | €2,000 | Switcher only |
| Permanent TSB | 0% | 2% | 2% not available to 4 year fixed term. |
| EBS | 2% | 3% | 2% on drawdown 1% after 5 years |
| Bank of Ireland | 2% | 3% | 2% on drawdown 1% after 5 years |
In fact the whole cash back thing is a bit of a rip off in our view, so to be treated with care. A quick example might help illustrate why we think so.
If you take an average mortgage loan of €200,000 over 25 years, at a loan to value of 80% with a PTSB 3 year fixed rate you will pay €1,066.75 on average per month, with Avant Money’s 3 year product that would be €870 a month, €196.75 a month cheaper.
So over 25 years that’s €58,940 less than with BoI in interest.
The cash back on the other hand is worth
That’s over 52 grand more expensive, taking massive amounts of cash out of your pocket in repayments.
If you don’t need the cash back to cover legal fees etc.. then we would recommend the Avant Money or ICS mortgages, however if you do then KBC are the best of the rest. Based on current rates they offer a lot better value than EBS, Permanent TSB and Bank of Ireland which also offer cash back.
Due to the uncompetitive introductory and follow rates the only reason to get a Bank of Ireland right now would be if you are considering switching multiple times to cash in on the cash back before switching out to avoid the super high follow on rates. We don’t recommend this option though as we have covered in our switching article here.
If you need a cash back option to cover legal fees we would recommend KBC as their follow on rates are much lower. If you can afford to cover the legal fees yourself though, you are better off looking at Avant Money or ICS as the long term savings will out weigh the cash back saving pretty quickly.
If you can get a mortgage with Avant Money, ICS or Finance Ireland that’s a much smarter option than going with Bank of Ireland.
You can a free mortgage check up to see what provider will suit you here.
Bank of Ireland rely on customer inertia and their brand as the oldest bank in Ireland to charge more than any other provider in the market.
If you got platinum levels of service in return then maybe that would make sense, but BoI are actually one of the hardest lenders to deal with, due to layers of unnecessary paperwork and slow turn around times.
Our recommendation is stay away, even if you are an existing customer and might be thinking better the devil you know, it’s not worth flushing thousands of Euro down the toilet in sky high interest payments.
If you can get a mortgage with Avant Money, ICS or Finance Ireland that’s a much smarter option than going with Bank of Ireland.
Avant Money, ICS Mortgages and Finance Ireland are available through brokers or through one our mortgage sherpas.
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.
You can read our founder’s latest piece for extra.ie on the big mortgage switch and how much you will save here. Or you can check out our handy switching mortgage 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.
A Permanent TSB Mortgage has always been a popular choice for Irish home buyers, but is a PTSB mortgage good value? In our Permanent TSB Mortgage Ultimate Review – Ireland 2022 we give you the inside track on all things PTSB mortgage and what your options and alternatives are.
With Permanent TSB being one of the Irish ‘pillar banks’ getting a Permanent TSB mortgage has always felt like a safe mortgage option for many.
Digging a little deeper though PTSB Mortgage rates right now are actually some of the highest in the market and there are better options for most people to choose.
As a bank that has to support a substantial branch network and expensive legacy tracker mortgages, PTSB have the second highest rates in the market, with only Bank of Ireland charging more.
In the introductory fixed rate period you will end up paying around 1.5% more than with some other lenders and after that period the difference is even larger with PTSB charging rates of 3.57%-3.71% on their ‘follow on’ variable rates compared to 2.03%-2.25% with others.
PTSB do offer more in cash back, a once off payment when the mortgage is drawn down, than most other lenders, but what they give in cash back is way less than what they take with the higher introductory and follow on interest rates.
The difference in interest rates might not seem that much at first, but it really mounts up over the course of a mortgage term.
Read on to get all the facts and figures on how much seemingly cash back offers really cost you and what better alternatives are available.
You can check out how a Permanent TSB mortgage compares to others using our calculator here.
Read on to find out if a PTSB mortgage makes sense for you and the other options for a great rate and easy approval.
Permanent TSB are selective about what they lend for.
They will also do top up mortgages for home improvements.
Permanent TSB are pretty middle of the road when it comes to their credit policy, the Goldilocks of the banking world, not to strict and not too loose.
One thing to watch out for though is over recent years the time taken to approve a loan has extended to a couple of weeks a more, which can be a problem if you need your money in a hurry get hold of your dream home.
Unlike Avant Money they will allow you to borrow more than 3.5 times your income if you can show you have sufficient disposable income. These mortgages are known as ‘exceptions’ as they are exceptions to the Central Bank lending limits.
In the 3 year fixed rate mortgage comparison table below the PTSB mortgage comes out in 8th place, but unlike some of the other lenders they will give you 2% of your mortgage loan back when you draw down your loan as well as a further 2% reduction on your repayments if you have their Explorer current account.
| 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 Money | 2.03% | 2.03% | 2.06% | 2.23% | 2.25% |
| ICS Mortgages | 2.78% | 2.78% | 2.80% | 3.03% | 3.06% |
| Finance Ireland | 3.03% | 3.17% | 3.19% | 3.19% | 3.44% |
| Haven Mortgages | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| AIB | 2.72% | 2.91% | 2.91% | 3.09% | 3.09% |
| EBS | 3.5% | 3.5% | 3.5% | 3.5% | 3.5% |
| Permanent TSB | 3.57% | 3.57% | 3.67% | 3.67% | 3.71% |
| Bank of Ireland | 3.7% | 3.7% | 3.7% | 4.1% | 4.1% |
| 4 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 Money | 2.02% | 2.02% | 2.06% | 2.23% | 2.23% |
| Haven Mortgages* | 2.8% | 2.8% | 2.8% | 2.8% | 2.8% |
| AIB | 2.77% | 2.95% | 2.95% | 3.13% | 3.13% |
| Permanent TSB | 3.14% | 3.14% | 3.24% | 3.24% | 3.39% |
| EBS | 3.5% | 3.5% | 3.5% | 3.5% | 3.5% |
| Bank of Ireland** | 3.3% | 3.3% | 3.4% | 3.5% | 3.7% |
A fairer comparison then would be to use PTSB’s 4 year rate with no cash back with an attractive sounding 2.25% fixed rate, that way we are comparing apples with apples.
| 4 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 Money | 2.02% | 2.02% | 2.06% | 2.23% | 2.23% |
| Haven Mortgages* | 2.8% | 2.8% | 2.8% | 2.8% | 2.8% |
| AIB | 2.77% | 2.95% | 2.95% | 3.13% | 3.13% |
| Permanent TSB | 3.14% | 3.14% | 3.24% | 3.24% | 3.39% |
| EBS | 3.5% | 3.5% | 3.5% | 3.5% | 3.5% |
| Bank of Ireland** | 3.3% | 3.3% | 3.4% | 3.5% | 3.7% |
The 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.
Comparing the 4 year non cash back offer PTSB does move up to 4th place, but that’s mainly because ICS, Finance Ireland and KBC only have 3 & 5 year fixed rates. In fact PTSB only beats the other two lenders EBS and Bank of Ireland as their 4 year products still have cash back.
The reason the APRC, and therefore the cost of the mortgage, are so high for PTSB isn’t in fact the cash back element, but the very high follow on rate after the introductory period as you can see in the table below.
| 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 Money | 2.00% | 2.00% | 2.00% | 2.20% | 2.20% |
| ICS Mortgages | 2.45% | 2.45% | 2.45% | 2.70% | 2.70% |
| Finance Ireland | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| Haven Mortgages | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| AIB | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| KBC | 3.00% | 3.00% | 3.05% | 3.05% | 3.3% |
| Ulster Bank | 3.50% | 3.50% | 3.70% | 3.70% | 3.90% |
| EBS | 3.30% | 3.50% | 3.5% | 3.50% | 3.70% |
| Permanent TSB | 3.70% | 3.70% | 3.70% | 3.70% | 3.90% |
| Bank of Ireland | 3.90% | 3.90% | 4.20% | 4.20% | 4.50% |
So if the non cash back offer isn’t a great deal, how does the cash back offer stack up?
Cash back can come in really handy to pay solicitor fees etc.. and the first few years after moving in are when you are often most hard pressed financially.
| Compare Cash back | Cash back Min | Cash back Max | Cash back conditions |
| Avant Money | €0 | €1,500 | Switcher from Ulster bank or KBC only |
| KBC | €1,500 | €3,000 | Min = FTB/Mover non Exceptions Max = Switchers |
| Haven | €0 | €2,000 | Switcher only |
| AIB | €0 | €2,000 | Switcher only |
| Permanent TSB | 0% | 2% | 2% not available to 4 year fixed term. |
| EBS | 2% | 3% | 2% on drawdown 1% after 5 years |
| Bank of Ireland | 2% | 3% | 2% on drawdown 1% after 5 years |
PTSB also offer a 2% discount on each repayment for the next 5 years if you have the Explorer current account, but this discount isn’t worth very much in real terms.
In fact the whole cash back thing is a bit of a rip off in our view, to give a quick example.
If you take an average mortgage loan of €200,000 over 25 years, at a loan to value of 80% with a PTSB 3 year fixed rate you will pay €1,019 on average per month, with Avant Money’s 3 year product that would be €870 a month, €149 a month cheaper.
So over 25 years that’s €44,788 less than with PTSB in interest.
The cash back on the other hand is worth
That’s over 39 grand more expensive….
If you don’t need the cash back to cover legal fees etc.. then we would recommend the Avant Money or ICS mortgages, however if you do then KBC are the best of the rest. Based on current rates they offer a lot better value than EBS, Permanent TSB and Bank of Ireland which also offer cash back.
Due to the uncompetitive introductory and follow rates the only reason to get a PTSB Mortgage right now would be if you are considering switching multiple times to cash in on the cash back before switching out to avoid the super high follow on rates. We don’t recommend this option though as we have covered in our switching article here.
If you need a cash back option to cover legal fees we would recommend KBC as their follow on rates are much lower. If you can afford to cover the legal fees yourself though, you are better off looking at Avant Money or ICS as the long term savings will out weigh the cash back saving pretty quickly.
You can a free mortgage check up to see what provider will suit you here.
Although PTSB have led the mortgage market on value in the past, right now the new market entrants are a much better deal.
True they are still much cheaper than Bank of Ireland, but even if you don’t want to use one of the new lenders AIB or their broker arm Haven offer much better value right across the board.
The reality though is the new lenders Avant Money, ICS and Finance Ireland who are able to compete without expensive branch networks or tracker mortgages are a much better bet. If you can go with one of these lenders you should.
Avant Money, ICS Mortgages and Finance Ireland are available through brokers or through one our mortgage sherpas.
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.
You can read our founder’s latest piece for extra.ie on the big mortgage switch and how much you will save here. Or you can check out our handy switching mortgage 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.
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.
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 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
As well as offering mortgages nationwide Finance Ireland also offer a wide range of mortgage types.
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 Plus | 60% LTV | 70% LTV | 80% LTV | 90% LTV | ||||
| Fixed Term | Rate | APRC | Rate | APRC | Rate | APRC | Rate | APRC |
| Progress Plus 3 Years | 3.20% | 3.31% | 3.20% | 3.34% | 3.20% | 3.56% | 3.35% | 3.82% |
| Progress 3 Years | 2.25% | 2.80% | 2.25% | 2.82% | 2.3% | 2.82% | 2.65% | 3.07% |
| Progress Plus 5 Years | 3.35% | 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% |
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
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 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 Money | 2.03% | 2.03% | 2.06% | 2.23% | 2.25% |
| ICS Mortgages | 2.38% | 2.38% | 2.42% | 2.63% | 2.68% |
| Finance Ireland | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| Haven Mortgages | 3.1% | 3.1% | 3.1% | 3.1% | 3.1% |
| AIB | 2.71% | 2.90% | 2.90% | 3.08% | 3.08% |
| KBC | 3.03% | 3.03% | 3.08% | 3.08% | 3.28% |
| EBS | 3.5% | 3.5% | 3.5% | 3.5% | 3.5% |
| Permanent TSB | 3.57% | 3.57% | 3.67% | 3.67% | 3.71% |
| Bank of Ireland | 3.7% | 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 Leader | 60% LTV | 70% LTV | 80% LTV | 90% LTV | ||||
| Fixed Term | Rate | APRC | Rate | APRC | Rate | APRC | Rate | APRC |
| Avant Money 3 Years | 1.95% | 2.03% | 2.05% | 2.06% | 2.15% | 2.23% | 2.2% | 2.25% |
| Finance Ireland 3 Years | 2.25% | 2.80% | 2.25% | 2.82% | 2.3% | 2.82% | 2.65% | 3.07% |
| Avant Money 5 Years | 1.95% | 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 Years | 1.95% | 2.01% | 2.05% | 2.07% | 2.15% | 2.21% | 2.25% | 2.28% |
| Finance Ireland 7 Years | 2.30% | 2.71% | 2.35% | 2.73% | 2.35% | 2.73% | 2.80% | 3.05% |
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 Money | 2.50% | 2.50% | 2.50% | 2.75% | 2.75% |
| ICS Mortgages | 2.65% | 2.70% | 2.70% | 2.70% | 2.70% |
| Finance Ireland | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| Haven Mortgages | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| AIB | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| KBC | 3.00% | 3.00% | 3.05% | 3.05% | 3.3% |
| Ulster Bank | 3.50% | 3.50% | 3.70% | 3.70% | 3.90% |
| EBS | 3.30% | 3.50% | 3.5% | 3.50% | 3.70% |
| Permanent TSB | 3.70% | 3.70% | 3.70% | 3.70% | 3.90% |
| Bank of Ireland | 3.90% | 3.90% | 4.20% | 4.20% | 4.50% |
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 Term | 60% LTV | 70% LTV | 80% LTV | 90% LTV | ||||
| Fixed Term | Rate | APRC | Rate | APRC | Rate | APRC | Rate | APRC |
| Avant Money to 15yr | 2.25% | 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 yr | 2.45% | 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 25yr | 2.65% | 2.70% | 2.80% | 2.85% | 2.90% | 2.95% | 2.99% | 3.05% |
| Finance Ireland to 25yr | 2.65% | 2.71% | 2.80% | 2.86% | 2.90% | 2.96% | 2.99% | 3.06% |
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.
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.
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.
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.
With Ulster bank withdrawing from the market and selling up, what does it mean if you have or are thinking of getting a Ulster bank mortgage? In our Ulster bank Mortgage Ultimate Review – Ireland 2022 we give you the inside track on an Ulster bank mortgage and what your options are.
Ulster Bank parent Natwest has decided it is pulling out of the Irish market, this means Ulster bank will be no longer offering mortgages to new customers.
So you might be thinking, what happens to my Ulster Bank Mortgage?
Although it’s not all done and dusted yet it looks very likely that Ulster Bank will sell their on-going mortgage business to Permanent TSB.
So don’t panic, if you have a mortgage with Ulster Bank already already PTSB will have to honour your existing terms.
Where we could see changes though is in the rate existing customers go to at the end of their fixed period. Permanent TSB have the second highest rates in the market and many fear that longer term current Ulster Bank mortgage holders will see their rates rise from where they are today.
Avant Money are offering €1,500 upfront until the 31st of March 2022 for anyone wanting to make the switch to them. This should cover both the legal and valuation costs of the switch with some change to spare.
moneysherpa offers an all in switching legal package for just €1,200 and a typical valuation is around €200.
If you come off your fixed rate with Ulster Bank and are worried that PTSB are going to hike your rates, you still have the option to switch to someone else at that point. You can check out how your Ulster Bank mortgage compares to others using our calculator here.
Read on to find out more about your Ulster Bank mortgage and the other options for a great rate and easy approval.
Our handy table shows what rates you will pay with each of the lenders when you come off your fixed rate, this is know as the ‘follow on’ rate.
As you can see Ulster bank have some of the highest rates interest rates in the market and the bad news is the bank that looks to set to buy them PTSB is one of the few with even higher rates.
| 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 Money | 2.00% | 2.00% | 2.00% | 2.20% | 2.20% |
| ICS Mortgages | 2.45% | 2.45% | 2.45% | 2.70% | 2.70% |
| Finance Ireland | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| Haven Mortgages | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| AIB | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| KBC | 3.00% | 3.00% | 3.05% | 3.05% | 3.3% |
| Ulster Bank | 3.50% | 3.50% | 3.70% | 3.70% | 3.90% |
| EBS | 3.30% | 3.50% | 3.5% | 3.50% | 3.70% |
| Permanent TSB | 3.70% | 3.70% | 3.70% | 3.70% | 3.90% |
| Bank of Ireland | 3.90% | 3.90% | 4.20% | 4.20% | 4.50% |
The follow on rate is the rate that drives the Annual Percentage Rate Charge (APRC) which 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.
If you have a current account with Ulster Bank you may be on their ‘loyalty’ product which has a rate around 0.3% lower than the Ulster Bank rates shown above. Even with that discount though you would save by switching to the six cheaper providers shown in the table.
If you have an Ulster bank mortgage now is a good time to switch, rates are at all time lows. An average size switcher can expect to save at least €20,000 by switching.
Ulster Bank have one of the most expensive variable rates in the country and with their sale to PTSB underway those rates are unlikely to get any better, in fact they may be about to get worse.
The good news though is that with the entry of non bank lenders ICS, Avant Money and Finance Ireland, rates are at historic lows. This means you can save over €20,000 on average by switching to another provider.
Switching legal fees are currently around €1,500. Even better if you use moneysherpa to switch and take up their all in switching deal for €1,200 including VAT you will maximise your savings.
It’s very hard to make a case for staying with Ulster Bank unless you are locked in on one of their fixed rate products, even then ask them about the breakage fee. Sometimes due to EU consumer law there will be no fees at all and you can still switch to a better rate with another bank.
You can a free mortgage check up to see who you should switch to here.
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.
You can read our founder’s latest piece for extra.ie on the big mortgage switch and how much you will save here. Or you can check out our handy switching mortgage 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.
Buying a home is probably the biggest financial decision you will ever make and one of life’s most stressful times. So you are probably super keen to know how long does mortgage approval take and can you get pre-approval or approval in principle like yesterday.
Knowing how mortgage approval and pre-approval works in Ireland can help you secure your dream home and reduce your stress levels.
That’s because how you apply makes a big difference to how much you can borrow and how long the whole process will take.
With our Ultimate Guide to how to mortgage approval Ireland 2022, you could borrow up to 4.5 times your joint income and get the whole thing done and dusted in less than 3 months.
Here’s our top 3 how to get mortgage approval Ireland 2022 tips
Use our tool to get Pre-Approved now below.
If you want to find out more before diving in read on to see understand how you can get mortgage approval and maximise how much you could borrow while minimising the hassle factor.
The first step is to work out how much mortgage you can get, you might not need to borrow up to your limit, but it will help you to understand your maximum budget in case you find yourself in a bidding war for your new gaff.
To help avoid a credit bubble like the one that went pop back in 2008 the Central Bank sets some absolute maximum limits that no lender can go beyond.
If you are buying your home to live in, the limit is the lower of either
Wait a minute before you rush off and bid on that dream home, the Central Bank only allows 20% of all borrowers in any year borrow up to these limits.
The lenders are therefore very picky about who gets these ‘exceptions’ only putting forward people with squeaky clean credit histories and very high levels of disposable income.
If you fall outside the top 20% of applications then the limits are
As part of the application process the lenders will also run the rule over your ability to repay the loan. Based on this they may lend you less than the limits above or indeed nothing at all.
For most people the 3.5 times salary limit is the one that applies and gives the best idea of your budget. However if you need an exception to make up the numbers or want to maximise your odds of approval you can use our instant Approval In Principle (AIP) tool below.
Our tool runs the numbers based on your income and expenditure and instantly spits out your odds of mortgage approval across the lenders. Even better we will then automatically email you with a provisional Approval In Principle that you can use to view property and start your house hunting!
Even if you have enough disposable income for mortgage approval on paper based on our provisional AIP calculator we then have to back this up with evidence.
Lenders try to work out, based on information on your application for what’s know as a full Approval In Principle, the likelihood of you not paying back the mortgage in full. If a loan goes south that’s a big hole in their profits, so the more risk they think you are the less they will lend.
This means you can maximise the mortgage you can get by knowing what they are looking for and getting your finances in shape in advance of mortgage approval.
This is why the question how long does mortgage approval take can have a different answer depending on your circumstances. A switcher can be done in 6 weeks as they have solid proof they can make the repayments, while someone who doesn’t have evidence of spare cash left over might have to wait up to 6 months before even applying.
The 6 months before the application is critical as lenders will look at your bank statements in this period to assess your ability to repay the loan as part of the application.
So what are the key things you can do to maximise your approval chances?
Keep your nose clean for 6 months and you will demonstrate to the lenders you can be trusted and will maximise your mortgage potential.
So you have 6 months of sparkling clean bank statements and you are sick of living on your mates couch, what do you do next?
You have two choices to kick start the application process.
Which lender you apply to can make a huge difference to your approval chances and what you will pay over the course of the mortgage. That’s why we recommend using a broker for your application.
A broker can look at your situation and match you with the best lender to maximise your approval chances and minimise your repayments. Brokers are often free to use and are impartial as they get paid the same commission 1% of the mortgage value by all the lenders.
Not all brokers are created equal though. Check out if your broker has:
Once you have chosen your broker you can get the application underway.
First up you will need to confirm your personal and financial details to get your instant Approval In Principle. You can jump right in below to start the process now.
Once you have your provisional approval you can upload supporting documents like your bank statements and proof of identity onto the brokers application platform.
These documents are needed to help prove you can repay the mortgage and also prove you are who you say you are.
Your broker then reviews your details plus documents and recommends the best lender and mortgage product. As each lenders approval policy is different they will match you with the best one for you.
For example, ICS lend more to public servants and is good for short term fixed rates. Avant Money on the other hand don’t do exceptions above the 3.5 salary, but have the best long term fixed rates.
They will also run you through the other options and why they think they aren’t a fit for you at this point.
Your broker will then use the documents and details you submitted to apply for approval with the rate and lender you picked. It can take 3 days to 3 weeks to get approval depending on the lender you choose (your broker will fill you in on this).
You can now go bid on a property knowing you have an approval in your back pocket!
Once your offer has been accepted your broker will have it valued by an independent estate agent. This is so the lender can have confidence that the asset that they are securing the lending on (your new house), is worth what you say it is.
Once the lender has all the details on the property from the broker they issue the final offer, which includes any conditions before you can access or ‘drawdown’ the loan. These are usually things like you must have a life protection policy and home insurance in place, which your broker will help you arrange.
Ta Da! The moment you have been waiting for, once the conditions are met the loan is released and you get the keys to your new home!
How you apply for a mortgage makes a big difference to how much you can lend, how long it takes and your approval chances.
The first thing to do is to work out how much you can borrow and get your provisional AIP, we have a handy mortgage calculator for that here.
Then you need to make sure all your documentation lines up and if needed clean house on your finances for the 6 months before you apply.
You should then engage with a broker who can guide you to the best lender and help take the pain out of the paperwork. You can check out moneysherpa’s own in house broker teams the mortgage sherpas here.
Finally, make sure you know the process and where you are in it, so you can reduce your stress and maximise your chances of getting your dream home.
We have loads more on help to buy grants, the best rates and mortgage provider reviews here.
If you want to have a chat and talk it through you can click for a mortgage check up with one of our sherpas here.
You can get more detail on the documents required from the CCPC [1].
The big mortgage switch Ireland.
More people have completed a mortgage switch this autumn than for a decade. Over 1,616 in Q3 2021, the highest since 2009.
The mortgage switch is back because interest rates have now hit historic lows.
The average saving for a mortgage switch at the end of 2019 was a whopping €21,626. With over 150,000 Irish mortgage holders set to save a staggering €1.5 Billion by switching.
With rates falling and prices rising since 2019, those switching savings have only gotten bigger since then.
Mortgage switching is set to explode in the coming months quadrupling to the rates seen in other countries across Europe and back at the height of the boom.
Read on to get the inside scoop on the big mortgage switch and see exactly what it might mean for you and your mortgage.
According to the latest figures from the Banking and Payments Federation [1] more people have completed a mortgage switch this autumn, at 1,616, than since 2009 just after the banking crash.
The chart below shows 1% of the 674,176 mortgage holders in Ireland are now switching every year, that’s over 6,700 and it’s only heading one direction.
The mortgage switch is so fashionable right now due to mortgage rates hitting record lows.
So back in 2015 a mortgage switch would cut your mortgage rate by 0.40%, but by the end of 2019 the difference had doubled to 0.80%. That makes new rates over 20% cheaper than existing rates, a record saving.
You can see this increase in ‘spread’ in the chart below. The Standard Variable Rate for Existing Loans in green has hardly dropped at all, as the banks have tried to keep their existing customer rates high.
The 1 to 3 year fixed new lending rate in red however has plummeted as new lenders, Avant Money, ICS and Finance Ireland, have entered the market.
These rates are the lowest since trackers were on the go back in 2008.
This widening rate gap alone is enough to drive increased switching, but increasing house prices have further sweetened the deal. As home values rise the loan to value ratio gets smaller.
Lenders see low loan to value ratios as less risk, allowing customers to access even lower rates.
The mortgage switch double whammy, the widening rate gap and lower loan to values, is creating a switching surge.
So this begs the question, should I switch and how much will I save if I do?
There are over 670,000 residential mortgage holders in Ireland right now, 36% of these are on a tracker mortgage tied to the European Central Bank rate. If you’re on a tracker you almost certainly would be better off staying put.
That leaves the 64% of mortgage holders not on a tracker, which equals over 430,000, 27% of all Irish households.
Almost all of these will save something by switching, even those on a fixed rate, but this is where it gets really juicy.
According to the Central Bank almost 150,000 will save more than €10,000 by switching, a combined saving of over €1.5 Billion. You can see exactly how the 150,000 breaks down below.
| Central Bank Switching | Fixed | Variable | Tracker | Total |
| All Mortgage Holders | 171,105 | 259,276 | 243,795 | 674,176 |
| Save something | 29,082 | 153,190 | 0 | 182,272 |
| Save more than €10,000 | 20,837 | 89,657 | 110,484 | |
| Save more than €30,000 | 8,076 | 28,499 | 36,575 |
We ran the numbers for an average mortgage switch ourselves, just to be sure.
= An Average Saving of €21,626
Yes you read that right, the average mortgage switch saving was €21,626 according to the Central Bank’s own figures.
Hang on a minute, shouldn’t mortgage switching be much higher if there is €1.5 Billion to be saved?
It most certainly should, switching in Ireland lags almost all developed countries world wide with only 1% switching every year.
Italy has over four times that rate of switchers at 4.1% and the Aussies see over 8% of their variable rates switched per year. Across the pond in the UK switching rates are also more than double that here.
As the savings between existing and new rates are much bigger than that seen in other countries, what exactly is going on?
Part of the reason is due to tracker mortgages. The super generous terms offered by the Irish banks back in the boom, has led to over a third of all mortgage holders staying put and holding on to what they have for dear life.
The rest of the gap is usually put down to the idea that it’s not in the Irish psychology to switch, we are a nation loyal to a fault. Let me bust that particular myth right here, the data shows the Irish love a great deal as much as anyone.
Remember our first chart showing how we were at record switching levels? Let’s zoom out a little on the data and see the trends if we go back in time a little further.
That’s right, before the crash mortgage switching in Ireland was running at 4% per year, right up there with other nations.
Due to negative equity and uncompetitive rates in the eight years after the crash Ireland simply got out of the habit of switching. It’s just not been a thing for almost a decade, so has fallen off the radar.
I’ve listed the top 4 reasons for not switching below, based on the latest Central Bank data.
So what are the answers to each reason?
With the barriers falling and savings increasing it’s only a matter of time until we are back up at the 4% mark and mortgage switching is the new big thing.
After falling out of fashion the mortgage switch is about to make a comeback.
The clock is ticking though, with inflation rising to over 5% variable rates will probably start to rise over the next 6 months. By switching to a new lender with a fixed rate of 5-15 years you can make savings of over €10,000 while also protecting your home from increased repayments.
It makes more sense than ever to compare mortgage rates Ireland 2022 with massive savings available. There probably isn’t another financial decision that has as big an impact on your wallet.
The non bank lenders ICS, Avant Money and Finance Ireland have really leapt ahead of the pack this year offering 0.5% lower than other lenders across all mortgage types. This has left the banks, who are weighed down with legacy costs, trailing in their dust.
These non bank lenders are only available via a mortgage broker or via one of our own mortgage sherpas, click for a mortgage check up with one of our sherpas here.
If you want to see what you could save by calculating your repayments you can click here.
If you want to know more about switching 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.
Our First Time Buyer and Second Time Buyer guides give you the inside track on everything you need to know to buy your first or second home. From the lowdown on the help to buy scheme to how to calculate your stamp duty we’ve got it covered.
You can also check out our other mortgage guides here.
Working with the right mortgage brokers can make a huge difference, on an average sized mortgage the cost can vary by over €111,000 depending on the deal your broker recommends (Loan of €240,000, 90% LTV, over 35 Years).
In this article we give you the rundown on what to look for to pick the best mortgage brokers.
As someone who ran one of the biggest mortgage lenders in the country at PTSB, I was always surprised that only around half of applications were assisted by brokers. In the UK almost 80% of all mortgages applicants work with mortgage brokers.
Using mortgage brokers to help with your mortgage has many advantages, independent advice, wider choice of rate and having an expert with you every step of the way.
A mortgage broker though can come in many shapes and sizes. Some are tied to just a few lenders, some charge for advice, some don’t stay with you on the home buying journey.
The mortgage brokers you choose can make a real difference to your finances, your home buying journey and your stress levels. That’s why we have covered the ins and outs of choosing the best mortgage brokers for you below, helping you make the right decision.
We recommend moneysherpa’s own in-house mortgage broker team, the mortgage sherpas, as the best way to get a mortgage. They are free, independent, comprehensive, with a best rate lifetime guarantee and the best online enabled service.
You can get more information about broker options locally here.
Read on to get the lowdown as to what separates a great mortgage broker, from a good one.
Working with the right broker can make a huge difference, according to the property price register the average house in Ireland is going for €272,000 (data as of March 2021 [1]), a typical 90% mortgage is therefore over €240,000.
The average cost of a mortgage in Ireland over a term of 35 years can be anywhere between €371,800 with Avant Money upto €483,304 with Bank of Ireland, a difference of over €111,000.
There are 5 key things to look out for when picking mortgage brokers, they are
Not all brokers are experienced, independent or have a comprehensive range of lenders, but there are plenty of brokers that are up to snuff.
There is no difference in rate between going directly to your bank or via a broker. This is because brokers are paid by the lenders out of the fees that the lenders would otherwise splurge on marketing.
This means that going with a broker who doesn’t charge any application fees is 100% free to you. Sounds almost too good to be true, but that’s just the way the broker model works in Ireland.
Although all mortgage brokers receive a commission from the lenders, most of the larger brokers also charge the client directly, with typical fees ranging from €100-€500.
This is to help cover the cost of processing the mortgage with the lenders, which can be costly and time consuming for the broker. WIth paper shuttling back and forth between the broker and the bank.
In contrast the some newer brokers have invested in advanced technology platforms to lower the cost of processing the mortgage, so they don’t have to pass on this cost to customers. They are therefore paid fully out of the 1% commission received from the lender.
Getting a mortgage still requires a lot of paperwork.
In order to protect you in making such a financial commitment there are multiple documents required to be read and signed.
In order to protect the financial system there are ID documents, bank statements etc.. also required.
The right technology can take a lot of the pain out of this paperwork. Look for mortgage brokers with an online upload capability so you can organise your documents easily. A good one will also give you a dashboard so you always know where you are on the journey to getting the mortgage.
Another big help is if you can find a broker who uses e signature. This saves all the bother of printing and scanning or even worse posting documents. Many brokers are now able to complete the whole mortgage journey online.
There are four banks and three broker exclusive lenders that offer mortgages currently in Ireland. Most brokers offer three or four lenders on their panel.
Many of the smaller brokers are tied to just one lender and are not able to advise on alternatives. This can make a big difference as not only do lenders have different rates, but also very different lending policies.
ICS for example let public sector workers borrow more than those employed in other sectors, whilst some lenders are more flexible than others in extending credit to some applicants or don’t offer loans for self build etc..
By having an independent broker in your camp they can not only find you the best rate, but also make an experienced assessment of which lender is most likely to approve your application.
For an average mortgage, Bank of Ireland’s lowest mortgage rate of 3.7% APRC costs €57,000 more than Avant Money’s equivalent rate. There are in fact over 20 deals from the other lenders that are better value.
Mortgage rates are changing all the time, what may be a great rate one year might not be the year after. Staying on the best rate throughout your mortgage term can save you thousands. So once you have your mortgage how do you make sure you are still on the best rate?
Make sure the broker you choose monitors the market for you after they get your mortgage. A good broker will get in touch with you automatically if there is a deal that would save you money and switch you to that deal. This guarantees you stay on the best rate all the time.
By choosing the right broker you effectively get “mortgage rate insurance”, a guarantee that as rates change in the market you will know what they mean for you and have help to switch if the new deal saves you money.
Using a broker beats going direct to a bank hands down, you gain from years of experience working with different lenders and they can scan the whole market on your behalf.
Make sure though that your mortgage brokers are all Qualified Financial Advisors (QFA), authorised by the Central Bank, with at least a few years of experience.
You should also get a dedicated mobile number to contact, plus the option to contact via video calls with flexible hours.
This makes everything more reliable, faster and easier than the approaches used by other brokers and banks.
Obviously you can always go to a bank directly for a mortgage, the biggest advantage of this option is they may already have access to your transaction history so you don’t have to dig out your bank statements.
With open banking even this advantage has recently disappeared, based on new legislation to help make banking more competitive, moneysherpa and some of the other larger brokers can now access your bank transactions on your behalf if you choose.
The downside of going with your bank is you are practically guaranteed that you will pay thousands more than you need to for a worse level of service than via a broker.
If you want the help of a broker, but want to sit down face to face rather than over a video call then going through a local mortgage broker is an option.
As local brokers tend to be smaller though they usually don’t have as many lenders to choose from or as much pull with the lenders. Unless they charge additional fees or are missing the leading lenders from their portfolio, they will usually have access to the same rates as the bigger brokers.
Obviously though they won’t have the same rate guarantees or technology tools as the new wave of brokers like moneysherpa.
There are a number of nationwide brokers in the market who could also be an option. These usually have the advantage of being independent and having a good selection of lenders available. Some also have online tools to help ease the process.
The big drawbacks are they aren’t usually free to use, charging between €100 and €500 a pop and they don’t offer the lifetime best rate guarantee available with moneysherpa.
Daire McConnon (QFA), mortgage sherpa team lead
Using a mortgage broker has many advantages, independent advice, wider choice of rate and having an expert with you every step of the way.
Working with the right broker can make a huge difference, with the cost of the mortgage over 35 years varying by over €111,000 depending on the deal your broker recommends.
moneysherpa’s in house mortgage broker service, the mortgage sherpas, is the best way to get a mortgage. Free, Independent, Comprehensive, with a lifetime best rate guarantee and best online enabled service.
The two things that make the mortgage sherpa offering really stand out from the crowd however are:-
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 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.
You can book a free, no obligation video chat with the mortgage sherpa team here.
You can get more information about broker options locally here.
We all know switching your mortgage is the biggest thing you can do to save loads of cash, but what if I told you there was a way to make these savings not just once, but four times over.
Sounds too good to be true right? It isn’t if you are prepared to put the effort in. By using the right strategy you can make the absolute most of all the juicy switching offers currently available.
There are nine different mortgage lenders in Ireland right now, with over 250 different mortgages on offer. In this rundown we will recommend the best switcher mortgage short term, the best switcher mortgage for the long term and the best switcher mortgage for multiple switchers.
The right switcher mortgage for you depends on whether you are looking to switch and stick or if you want to switch multiple times.
Based on our review of all 250 switcher mortgages in the market we recommend the following options.
Read on to see which approach is the best fit for you and how much you could save.
If you want to see how different providers compare on your mortgage you can click here.
Irish Mortgage providers use either introductory fixed rates or once off cashback offers to tempt new customers to switch.
Cashback offers from EBS, PTSB and Bank of Ireland give you 2% of the total mortgage amount back in cash when you take out the mortgage. So on the average switch of €240,000 that’s €4,800 in cash at drawdown as shown below.
| Compare Cashback | Cashback Min | Cashback Max | Cashback conditions |
| Permanent TSB | 0% | 2% | 2% not available to 4 year fixed term. |
| EBS | 2% | 3% | 2% on drawdown 1% after 5 years |
| Bank of Ireland | 2% | 3% | 2% on drawdown 1% after 5 years |
You should tread carefully though as the rates from these providers are some of the highest in the market. Surprise surprise, as you can see from the table below the highest follow on and variable rates are with the three providers with the cash back offers.
| 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 Money | 2.00% | 2.00% | 2.00% | 2.20% | 2.20% |
| ICS Mortgages | 2.45% | 2.45% | 2.45% | 2.70% | 2.70% |
| Finance Ireland | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| Haven Mortgages | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| AIB | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| KBC | 3.00% | 3.00% | 3.05% | 3.05% | 3.3% |
| Ulster Bank | 3.50% | 3.50% | 3.70% | 3.70% | 3.90% |
| EBS | 3.30% | 3.50% | 3.5% | 3.50% | 3.70% |
| Permanent TSB | 3.70% | 3.70% | 3.70% | 3.70% | 3.90% |
| Bank of Ireland | 3.90% | 3.90% | 4.20% | 4.20% | 4.50% |
If you are prepared to switch multiple times though you can get your hands on the cash back offers without paying the higher on-going rates. One of the few times you can really have you cake and then get to eat it afterward.
So if you take out a variable mortgage with PTSB you can take up the cashback offer, then switch to Bank of Ireland take out another variable rate cashback offer, then EBS for your final variable rate cashback offer.
On the average switcher mortgage of €240,000 that’s
Even better when you have picked up your cash from EBS you can then switch to a fixed rate deal through a broker with Avant Money or ICS to get on a low interest rate. This last step is really important as it can save you as much as the multiple switch hack.
Check out our advice on the best longer term low interest rate options below.
| Provider | APRC | Product | LTV | Approval rate |
|---|---|---|---|---|
| Avant Money | 2.29% | 15yr fixed | <60% | Medium |
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%.
If you know you staying put and want to lock out future interest rate rises this may be the mortgage for you.
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 choice overall.
| Provider | APRC | Product | LTV | Approval rate |
|---|---|---|---|---|
| ICS Mortgages | 2.38% | 3yr fixed | <60% | High |
| Avant Money | 2.39% | 4yr fixed | <60% | Medium |
| Avant Money | 2.43% | 3yr fixed | <60% | Medium |
If you want to save on legacy rates, but want to keep your options open then there are still some good options out there.
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.
ICS Mortgages pip Avant at the post for the shorter fixed term products due to their more flexible credit policy. However if you have a sparkling credit history the Avant Money 3 year and 4 year fixed at 2.39% & 2.43% respectively are so close it makes no difference.
So should you make multiple switches?
Taking the cashback offers and switching multiple times is perfectly legal. As long as you choose a variable rate rather than a fixed rate you aren’t tied in to a minimum period before switching.
You will have to pay solicitors fees though for each switch, these come in at around €1,000 a switch, although many solicitors will knock a bit off for multiple switches if you haggle.
You also need to be prepared to put in the hard yards, although switching is a lot easier than taking out a new mortgage, switching 4 times over isn’t to be taken lightly.
Finally, mortgages are a major financial commitment and can be pretty complex. While your working through your multiple switch master plan, the market might change, the providers conditions might change and your own circumstances might change.
For most people then making the switch once to a lower on-going interest rate is the best policy. You still save thousands without all the hassle and risk of the multi switch strategy.
That’s why we don’t recommend the multi switch strategy. The reality is that although on paper the multi switch strategy makes sense, for most of us life gets in the way and it’s way too much hassle.
That’s why we would recommend using a broker to help you switch to a fixed rate product with a low on-going rate from either Avant Money or ICS. The lenders with the lowest rates can usually only be accessed by brokers, many brokers are free to use and they can take the pain out of the paperwork. The payback might not be as immediate as with the multi switch strategy, but for much less work you will still save thousands and get the best value.
If you are prepared to put in the work and take on the risks involved in a multi switch strategy however, don’t forget to talk to a broker about that final step to switch to a long term lower rate, otherwise you will lose almost all you gained by collecting those cash backs in the first place.
It makes more sense than ever to compare mortgage rates Ireland 2021 with massive savings available. There probably isn’t another financial decision that has as big an impact on your wallet.
The non bank lenders ICS, Avant Money and Finance Ireland have really leapt ahead of the pack this year with a 0.5% discount across all mortgage types. This has left the banks, who are weighed down with legacy costs, trailing in their dust.
These non bank lenders are only available via a mortgage broker or via one of our own mortgage sherpas, click for a mortgage check up with one of our sherpas here.
Overall, the Avant Money 15 year fixed rate came clearly out on top as the overall best mortgage rate. With their market leading APRC of 2.29%, which saves an amazing €20,000+ for switchers in most cases. Avant Money’s 7 and 4 year products are also a great choice for those looking for shorter or medium fixed terms.
If you want to see what you could save by calculating your repayments you can click here.
If you want to know more about switching 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.
Annual Percentage Rate Charge (APRC) calculated on a €100,000 loan over 20 years. 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]
Avant Money have the best range of rates on the market. In our Avant Money Mortgages Ultimate Review – Ireland 2022 we will give you the inside track on a Avant Money mortgage and what other options are available.
As someone who used to lead the mortgage product team in PTSB I’ve kept a close eye on Avant Money’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.
The only real drawback with Avant Money is that they are quite picky on who they loan to and what for. They don’t offer self build mortgages. So if you are looking to build a forever home outside of a town or in a small village they aren’t an option.
They also have a tighter credit policy than most lenders.
The key takeaway is that if you can get a mortgage from Avant Money it is probably your best option. You can see how an Avant Money mortgage repayment compare to the others in the market for your mortgage here.
Read on to find out if a Avant Money mortgage makes sense for you and the other options for a great rate and easy approval.
Avant Money Mortgage Rate and Product Overview – Avant Money Mortgages Review Ireland 2022
Pro’s & Con’s – Avant Money Mortgages Review Ireland 2022
Recommendation – Avant Money Mortgages Review Ireland 2022
Alternatives – Avant Money Mortgages Review Ireland 2022
In a Nutshell – Avant Money Mortgages Review Ireland 2022
So here’s the rub, Avant Money mortgages lead the market on rate, but they aren’t available to everyone or for every type of mortgage.
Avant Money mortgages are now available in to most homes in Ireland
Avant Money are selective about what they lend.
They will do top up mortgages for home improvements as well, but that is pretty much it.
They also have a reputation for being the most picky with their credit policy. This means if you have a checkered credit history they probably aren’t the best fit, with ICS Mortgages or Finance Ireland being better bets.
Plus they look for evidence that the home owner has saved the deposit themselves rather than getting their entire deposit from the bank of mum & dad. This means the amount of deposit secured by ‘gifting’ is limited which is not the case with some other lenders.
Avant Money offer two types of fixed mortgage rate. Short/Medium term fixed rates and Long term fixed rates the ‘One Mortgage’
In the short term fixed rate mortgage comparison table below Avant Money mortgages perform really well, winning out on all rates.
| Short/Medium | 60% LTV | 70% LTV | 80% LTV | 90% LTV | ||||
| Fixed Term | Rate | APRC | Rate | APRC | Rate | APRC | Rate | APRC |
| 3 Years | 1.95% | 2.03% | 2.05% | 2.06% | 2.15% | 2.23% | 2.20% | 2.25% |
| 4 Years | 1.95% | 2.02% | 2.05% | 2.23% | 2.15% | 2.23% | 2.20% | 2.23% |
| 5 Years | 2.15% | 2.11% | 2.25% | 2.16% | 2.35% | 2.32% | 2.40% | 2.34% |
| 7 Years | 2.25% | 2.19% | 2.35% | 2.26% | 2.45% | 2.40% | 2.55% | 2.46% |
| 10 Years | 2.40% | 2.36% | 2.50% | 2.43% | 2.60% | 2.56% | 2.70% | 2.64% |
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.
The APRC and the interest you will pay over the lifetime of the mortgage is often driven by the rate you pay after the introductory rates above, called the ‘follow on’ rate. Avant Money come out on top here as well as shown in our table below.
| 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 Money | 2.00% | 2.00% | 2.00% | 2.20% | 2.20% |
| ICS Mortgages | 2.45% | 2.45% | 2.45% | 2.70% | 2.70% |
| Finance Ireland | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| Haven Mortgages | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| AIB | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| KBC | 3.00% | 3.00% | 3.05% | 3.05% | 3.3% |
| Ulster Bank | 3.50% | 3.50% | 3.70% | 3.70% | 3.90% |
| EBS | 3.30% | 3.50% | 3.5% | 3.50% | 3.70% |
| Permanent TSB | 3.70% | 3.70% | 3.70% | 3.70% | 3.90% |
| Bank of Ireland | 3.90% | 3.90% | 4.20% | 4.20% | 4.50% |
It’s in the long term fixed rates of 15 years + shown below, where Avant Money mortgages really break from the pack. Their ‘One Mortgage’ has a clear edge on rate across all these products on it’s nearest competitor Finance Ireland, beating their offering on all the rates below.
| Long Term | 60% LTV | 70% LTV | 80% LTV | 90% LTV | ||||
| Fixed Term | Rate | APRC | Rate | APRC | Rate | APRC | Rate | APRC |
| up to 15 Years | 2.40% | 2.46% | 2.55% | 2.61% | 2.65% | 2.71% | 2.85% | 2.92% |
| up to 20 Years | 2.50% | 2.55% | 2.65% | 2.71% | 2.75% | 2.80% | 2.95% | 3.01% |
| up to 25 Years | 2.50% | 2.54% | 2.65% | 2.70% | 2.75% | 2.80% | 2.95% | 3.01% |
| up to 30 Years | 2.50% | 2.54% | 2.65% | 2.70% | 2.75% | 2.80% | 2.95% | 3.01% |
Avant Money are the only provider offering the very longest fixed terms up to 30 years. These 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.
Both Avant Money and Finance Ireland have introduced flexibility features allowing overpayments, capping exit fees and allowing home moving. These features have made this product a real option for many for the first time.
This one is a no brainer, if you are looking for a medium or long term fixed mortgage and meet the eligibly rules an Avant Money mortgage is the one for you. You check out if you can get an Avant Money mortgage here.
If you are looking for a 3 year fixed or a variable rate option then ICS Mortgages are another option worth considering.
If your credit history isn’t squeaky clean or you fall outside Avant Money’s tight eligibility rules then ICS and Finance Ireland are the next best thing.
| Average Rate (APRC) | 3 Yr | 4 Yr | 5 Yr | 7 Yr |
| Avant Money | 2.03% | 2.02% | 2.11% | 2.19% |
| ICS Mortgages | 2.78% | – | 2.99% | – |
| Finance Ireland | 3.03% | – | 3.17% | – |
| Haven Mortgages | 3.00% | – | 3.00% | 2.90% |
| AIB | 2.72% | 2.77% | 2.68% | 2.88% |
| EBS | 3.50% | 3.20% | 3.40% | – |
| Permanent TSB | 3.57% | 3.14% | 3.46% | 3.36% |
| Bank of Ireland | 3.70% | 3.30% | 3.6% | – |
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.
Avant Money, ICS Mortgages and Finance Ireland are available through brokers or through one our mortgage sherpas.
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.
ICS Mortgages have the lowest mortgage rate on the market and have been on the go since 1864, with Irish financial firm Dilosk buying them from Bank of Ireland in 2014. In our ICS Mortgages Ultimate Review – Ireland 2022 we will give you the inside track on ICS mortgages and what other options are available.
ICS relaunched in the residential mortgage market in 2019, filling the gap left by the departure of building societies from the market. These ‘non bank lenders’ have introduced much needed competition to the mortgage market and offer a real alternative to the banks.
Like other non bank lenders they didn’t have to carry the cost of the tracker mortgages offered in the boom. This has allowed them to undercut the banks and offer some of the very best rates on the market.
The plus point for ICS is that they aren’t as picky as some other lenders and if you are a public sector employee they will factor in higher earnings.
The only real drawback with ICS is their lack of longer term fixed rates. We do advise fixing for as long as your circumstances allow and if that is what you need Avant Money or Finance Ireland could be a better option for you with fixed rates all the way up to 30 years.
The key takeaway is that if you can’t get Avant Money and are looking to fix short term ICS are probably your best option with a winning combination of rate and flexible approvals. You can see how ICS Mortgages repayment compare to the others in the market for your mortgage here.
Read on to find out if an ICS mortgage makes sense for you and the other options for a great rate and easy approval.
ICS are selective about what they lend for.
They will do top up mortgages for home improvements, but that is pretty much it.
ICS are also known for having a more flexible credit policy than some other lenders.
They will allow you to borrow more than 3.5 times your income if you can show you have sufficient disposable income. These mortgages are known as ‘exceptions’ as they are exceptions to the Central Bank lending limits.
If you work in the public sector and are struggling to meet other lenders credit criteria then ICS have an ace up it’s sleeve. Instead of calculating your disposable income on your current salary they will ‘boost’ your salary by 2 points up the pay scale. They will also factor in public sector overtime and allowances.
They are the only lender to do this for Public sector workers making them a great choice if you are stretching your repayment capacity to bid for that dream home or just needing an extra bit of help to get on the property ladder.
In the short term fixed rate mortgage comparison table below ICS mortgages perform really well, competitive on both 3 year and 5 year rates. With Avant Money the only lender able to beat them and with their more flexible credit policy they are a great option to have.
| ICS Rates | 60% LTV | 70% LTV | 80% LTV | 90% LTV | ||||
| Type | Rate | APRC | Rate | APRC | Rate | APRC | Rate | APRC |
| 3 Years Fixed | 3.25% | 2.78% | 3.30% | 2.80% | 3.45% | 3.03% | 3.55% | 3.06% |
| 5 Years Fixed | 3.40% | 2.99% | 3.45% | 3.02% | 3.60% | 3.23% | 3.69% | 3.28% |
| Variable | 2.45% | 2.53% | 2.45% | 2.53% | 2.70% | 2.79% | 2.70% | 2.79% |
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.
ICS are also competitive on the rates you pay after your introductory period known as ‘follow on’ rates or variable rates. As you can see in out table below though Avant Money lead the pack on the follow rate as well as the introductory rate. If you need a variable mortgage to allow you to over pay, switch or move or you can’t get approved with Avant Money they are a reasonable option.
| 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 Money | 2.00% | 2.00% | 2.00% | 2.20% | 2.20% |
| ICS Mortgages | 2.45% | 2.45% | 2.45% | 2.70% | 2.70% |
| Finance Ireland | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| Haven Mortgages | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| AIB | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| KBC | 3.00% | 3.00% | 3.05% | 3.05% | 3.3% |
| Ulster Bank | 3.50% | 3.50% | 3.70% | 3.70% | 3.90% |
| EBS | 3.30% | 3.50% | 3.5% | 3.50% | 3.70% |
| Permanent TSB | 3.70% | 3.70% | 3.70% | 3.70% | 3.90% |
| Bank of Ireland | 3.90% | 3.90% | 4.20% | 4.20% | 4.50% |
So here’s the catch, ICS mortgages are good, but they currently fall short of Avant Money in value and don’t offer longer term fixed rates.
Fixed rates are much better value than variable rates right now. ICS’s best 5 year fixed rate has an APRC of 2.78% whilst the cheapest variable rate in the market from ICS has an APRC of 2.53%.
This means it makes sense to ‘lock in’ your fixed rate for as long as you can so you stay on the lower rate for longer. The other upside to fixed rates is it protects you from potential interest rate rises which will drive up your repayments if you are on a variable rate.
Other providers offer fixed rates from 7 to 30 years, so should you just go for them right? Not so fast, if you are thinking of moving, paying down or switching your mortgage to another provider in the next few years a shorter term fixed rate makes a lot of sense.
There is nothing to stop you switching your mortgage each time you come out of your fixed term and availing of a new introductory fixed rate and cash back offer.
There are lots of these serial switchers who by putting the effort in have worked round all the mortgage providers, claimed all the cash back offers available and kept their mortgage rates low to boot.
You can a free mortgage check up to see if ICS will suit you here.
| Average Rate (APRC) | 3 Yr | 4 Yr | 5 Yr | 7 Yr |
| Avant Money | 2.03% | 2.02% | 2.11% | 2.19% |
| ICS Mortgages | 2.78% | – | 2.99% | – |
| Finance Ireland | 3.03% | – | 3.17% | – |
| Haven Mortgages | 3.00% | – | 3.00% | 2.90% |
| AIB | 2.72% | 2.77% | 2.68% | 2.88% |
| EBS | 3.50% | 3.20% | 3.40% | – |
| Permanent TSB | 3.57% | 3.14% | 3.46% | 3.36% |
| Bank of Ireland | 3.70% | 3.30% | 3.6% | – |
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 ICS currently lead the pack for 3 and 5 year fixed rates, offering the lowest APRC with the most flexible credit policy. If you don’t feel you can commit to more than 5 years ICS is almost certainly the best lender for you.
Avant Money, ICS Mortgages and Finance Ireland are available through brokers or through one our mortgage sherpas.
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.
Haven Mortgages are owned by AIB, Ireland’s second largest bank. In our Haven Mortgages Ultimate Review – Ireland 2022 we will give you the inside track on a Haven mortgages and the alternatives.
As someone who used to lead the mortgage product team in PTSB, I’ve always considered Haven mortgages as a strong provider essentially offering AIB mortgages through mortgage brokers.
Mortgage brokers usually have a panel of lenders to pick from with the interest rate paid by their client always being a major factor. This means the broker arms of the banks need to offer keen pricing to win broker business and often offer lower rates than the banks themselves.
One thing to watch out for though is the follow on rate, this is the rate you will pay after the fixed period. Haven mortgages potential follow on rate is 3.15%, AIB is 3.15% while ICS is 2.7%.
The bottom line is if you intend to switch at the end of your fixed period Haven are a great option with low introductory rates and cash back offers.
However, if you don’t intend to switch every few years you are probably best looking at options from ICS or if you want a longer term fixed rate Avant Money. You can see how Haven Mortgages rates compare to the other options in the market for your needs here.
Read on to find out if Haven mortgages makes sense for you and the other options for a great rate and easy approval.
Haven Mortgages Rate and Product Overview – Haven Mortgages Ireland 2022
Pro’s & Con’s – Haven Mortgages Ireland 2022
Recommendation – Haven Mortgages Ireland 2022
Alternatives – Haven Mortgages Ireland 2022
In a Nutshell – Haven Mortgages Ireland 2022
You can see how Haven Mortgages stack up against other providers for Cash back in the table below.
| Compare Cash back | Cash back Min | Cash back Max | Cash back conditions |
| Avant Money | €0 | €1,500 | Switcher from Ulster bank or KBC only |
| KBC | €1,500 | €3,000 | Min = FTB/Mover non Exceptions Max = Switchers |
| Haven | €0 | €2,000 | Switcher only |
| AIB | €0 | €2,000 | Switcher only |
| Permanent TSB | 0% | 2% | 2% not available to 4 year fixed term. |
| EBS | 2% | 3% | 2% on drawdown 1% after 5 years |
| Bank of Ireland | 2% | 3% | 2% on drawdown 1% after 5 years |
The long term cost of the mortgage is often hidden by providers behind cash back offers and introductory rates. Check out our comparison of cash back and rates after the introductory period below.
Haven Mortgages don’t vary their fixed rates by the ratio of the loan to home value offering one flat rate for all LTV’s. This makes their introductory rate very competitive at the highest LTV band of 80-90%, where their Green 4 Year mortgage is actually the lowest rate on the market.
The kicker is that providers who do vary their introductory rates by LTV, such as ICS or Avant Money, offer better rates for any LTV’s lower than 80%.
| Haven Mortgages Fixed rates | LTV 0-90% | |
| Fixed Term | Rate | APRC |
| 1 Year | 3.15% | 3.20% |
| 2 Year | 3.15% | 3.20% |
| 3 Year | 2.55% | 3.10% |
| Green 4 Year | 2.15% | 2.80% |
| 5 Year | 2.55% | 3.00% |
| 7 Year | 3.15% | 3.20% |
| 10 Year | 3.30% | 3.30% |
Annual Percentage Rate Charge (APRC) calculated on a €100,000 loan over 20 years. 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]
Haven Mortgages Variable Rates mortgages do vary based on your loan to value, this is what will also dictate the rate you pay after your fixed period is up. You can use our calculator to see what loan to value applies to you and what rates you will get here.
| Haven Mortgages Variable Rates | ||
| LTV | Rate | APRC |
| Less or equal to 50% | 2.75% | 2.80% |
| Above 50% & below 80% | 2.95% | 3.00% |
| Above 80% | 3.15% | 3.20% |
| Top Up/Equity Release | 3.15% | 3.20% |
If you aren’t switching your mortgage to another provider the rate you will pay after your fixed period is up is the one that matters most for the overall cost of your mortgage.
These rates are often hidden away by providers pushing the upfront introductory rate or cash back offers.
Haven are in the middle of the pack on follow on rates, offering the best of the bank or bank owned follow on rates. That said, the rates from ICS Mortgages and Avant Money are considerably lower giving them the definite upper hand on best value across the whole term of your mortgage.
| 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 Money | 2.00% | 2.00% | 2.00% | 2.20% | 2.20% |
| ICS Mortgages | 2.45% | 2.45% | 2.45% | 2.70% | 2.70% |
| Finance Ireland | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| Haven Mortgages | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| AIB | 2.75% | 2.95% | 2.95% | 2.95% | 3.15% |
| KBC | 3.00% | 3.00% | 3.05% | 3.05% | 3.3% |
| Ulster Bank | 3.50% | 3.50% | 3.70% | 3.70% | 3.90% |
| EBS | 3.30% | 3.50% | 3.5% | 3.50% | 3.70% |
| Permanent TSB | 3.70% | 3.70% | 3.70% | 3.70% | 3.90% |
| Bank of Ireland | 3.90% | 3.90% | 4.20% | 4.20% | 4.50% |
Probable follow on variable rates post fixed period based on current variable rates by provider
The follow on rate makes a huge difference to the cost of your mortgage. A 25 year €285,000 mortgage for example would cost €399,714 with Haven, €387,574 with ICS and €398,429 with AIB. That makes ICS over €12,000 cheaper over the term of the mortgage.
Even including the €2,000 cash back available on the Haven mortgages green mortgage or the €5,000 available on other Haven rates for mortgages over €250,000 that’s a lot of extra cost.
Haven Mortgages are available for First Time Buyers, Next Time Buyers (Movers), Switchers, Self Build and Top Up (Equity Release). They also offer foreign exchange (fx) mortgages that allow people buying from abroad to obtain a mortgage if eligible.
Their Green Mortgage needs a document known as a Building Energy Rating (BER), which essentially is a calculation of how energy efficient your home is. BER certificates are valid for up to 10 years.
The BER measures how energy efficient your home is on a scale of A to G, with A being the most energy efficient your home can be.
You will require a BER rating of at least B3 in order to qualify and apply for a Green Mortgage with Haven.
If you are self building you can’t get a BER rating until the completion of your build, unlike other lenders Haven don’t make a loan offer based on the assumption that your property qualifies for a green rate. This is pretty crazy given that all properties nowadays must have a B3 or higher rating.
This means quite a lot of extra paperwork for Haven compared to other lenders, which might be enough to put you off getting a self build mortgage with Haven.
Haven are in the goldilocks zone for mortgage approvals, with a reputation for not being too tight or too loose.
Our data indicates that approvals are broadly in line with those given at their mothership AIB. Generally their credit approval policy will suit most applicants.
So Haven mortgages lead the market on the combination of introductory rate and cash back, but they cost a lot more than some providers in the long run.
With switching becoming easier and savings increasing, switching your mortgage every 3 or 4 years now makes a lot of sense. You not only can claim multiple cash back offers you can also lock into low fixed rates each time you move.
If you know you’re are going to switch at the end of your fixed period then Haven Mortgages are a good option, particularly if you have an LTV over 80%. Their 4 year fixed Green Mortgage offers great value in the 4 year term.
You can sign up for a Haven Mortgage by booking a free mortgage advice call here.
However, if you are looking to stay with your provider for longer than the fixed period there are better options available offering introductory rates just as good, but with lower follow on rates.
| Average Rate (APRC) | 3 Yr | 4 Yr | 5 Yr | 7 Yr |
| Avant Money | 2.03% | 2.02% | 2.11% | 2.19% |
| ICS Mortgages | 2.78% | – | 2.99% | – |
| Finance Ireland | 3.03% | – | 3.17% | – |
| Haven Mortgages | 2.35% | – | 3.00% | 2.90% |
| AIB | 2.72% | 2.58% | 2.68% | 2.88% |
| EBS | 2.75% | 3.50% | 2.75% | – |
| Permanent TSB | 3.43% | 3.14% | 3.25% | 3.36% |
| Bank of Ireland | 3.40% | 3.00% | 3.00% | 2.90% |
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.
If you are thinking of becoming a serial switcher Haven should also be on the roster, by signing up for the 4 year fixed you can get a great rate and cash back into your pocket then switch to one of the non bank lenders when your 4 years are up.
Haven, Avant Money, ICS Mortgages and Finance Ireland are available through brokers or through one our mortgage sherpas.
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.
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.
You can read our founder’s latest piece for extra.ie on the big mortgage switch and how much you will save here.Or you can check out our handy switching mortgage guide here.
With KBC withdrawing from the market and selling up, what does it mean if you have or are thinking of getting a KBC mortgage? In our KBC Mortgage Ultimate Review – Ireland 2021 we give you the inside track on all things KBC mortgage and what your options are.
Although some coverage might give a different impression although KBC are leaving the market, they are still offering mortgages in Ireland. So unlike Ulster Bank who are withdrawing from mortgages completely, they might still be a lender you want to consider.
So you might be thinking, how come they are still offering mortgages?
Although it’s not all done and dusted yet it looks very likely that KBC will sell their on-going mortgage business to Bank of Ireland. Some industry insiders believe that Bank of Ireland plan to keep KBC as an option for the broker market to help it stay competitive.
So the key question is, what does that mean for future rates if I have or am thinking of getting a product? First don’t panic, if you have a mortgage with KBC already Bank of Ireland will have to honour your existing terms.
Where we could see changes though is in the products for new mortgage customers and the rate existing customers go to at the end of their fixed period. Bank of Ireland have the highest rates in the market and many fear that longer term KBC mortgage holders will see their rates rise from where they are today.
If you are thinking of switching from KBC, Avant Money the market leader, are now offering €1,500 upfront to cover any switching costs you might have.
Despite the looming takeover by Bank of Ireland, we still think KBC mortgages are a good option in certain cases.
They have competitive fixed rates with a cash back offering. For those who need a cash back offering, but don’t want to sign up to super high on-going rates they offer a good middle ground. They are particularly good for switchers as they offer €3,000 upfront.
If you come off your fixed rate and worry that Bank of Ireland are going to hike your rates, you still have the option to switch to someone else at that point. Meaning you can still have your cake and eat it. You can check out how a KBC mortgage compares to others using our calculator here.
Read on to find out if a KBC mortgage makes sense for you and the other options for a great rate and easy approval.
KBC are selective about what they lend for.
They will do top up mortgages for home improvements, but that is pretty much it.
KBC are known for having a more flexible credit policy than some other lenders and pretty good turn around times if you need your approval or money in a hurry.
Unlike Avant Money they will allow you to borrow more than 3.5 times your income if you can show you have sufficient disposable income. These mortgages are known as ‘exceptions’ as they are exceptions to the Central Bank lending limits.
In the 3 year fixed rate mortgage comparison table below the KBC mortgage comes out in 6th place, but unlike some of the other lenders they offer €3,000 if you are switching and €1,500 for FTB’s and Movers.
| 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 Money | 2.03% | 2.03% | 2.06% | 2.23% | 2.25% |
| ICS Mortgages | 2.78% | 2.78% | 2.80% | 3.03% | 3.06% |
| Finance Ireland | 3.03% | 3.17% | 3.19% | 3.19% | 3.44% |
| Haven Mortgages | 3.0% | 3.0% | 3.0% | 3.0% | 3.0% |
| AIB | 2.72% | 2.91% | 2.91% | 3.09% | 3.09% |
| EBS | 3.5% | 3.5% | 3.5% | 3.5% | 3.5% |
| Permanent TSB | 3.57% | 3.57% | 3.67% | 3.67% | 3.71% |
| Bank of Ireland | 3.7% | 3.7% | 3.7% | 4.1% | 4.1% |
| 4 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 Money | 2.02% | 2.02% | 2.06% | 2.23% | 2.23% |
| Haven Mortgages* | 2.8% | 2.8% | 2.8% | 2.8% | 2.8% |
| AIB | 2.77% | 2.95% | 2.95% | 3.13% | 3.13% |
| Permanent TSB | 3.14% | 3.14% | 3.24% | 3.24% | 3.39% |
| EBS | 3.5% | 3.5% | 3.5% | 3.5% | 3.5% |
| Bank of Ireland** | 3.3% | 3.3% | 3.4% | 3.5% | 3.7% |
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.
If you don’t need the cash back to cover legal fees etc.. then we would recommend the Avant Money or ICS mortgages, however if you do then KBC are the best of the rest. Based on current rates they offer a lot better value than EBS, Permanent TSB and Bank of Ireland which also offer cash back.
| Compare Cash back | Cash back Min | Cash back Max | Cash back conditions |
| Avant Money | €0 | €1,500 | Switcher from Ulster bank or KBC only |
| KBC | €1,500 | €3,000 | Min = FTB/Mover non Exceptions Max = Switchers |
| Haven | €0 | €2,000 | Switcher only |
| AIB | €0 | €2,000 | Switcher only |
| Permanent TSB | 0% | 2% | 2% not available to 4 year fixed term. |
| EBS | 2% | 3% | 2% on drawdown 1% after 5 years |
| Bank of Ireland | 2% | 3% | 2% on drawdown 1% after 5 years |
So if you are on a standard variable rate are looking to switch, but can’t afford the legal fees then KBC remain the best option. If you are worried about the Bank of Ireland takeover there is nothing to stop you switching your mortgage when you come out of your fixed term and availing of a new introductory fixed rate or cash back offer from another lender.
Switching legal fees are currently around €1,500 so KBC’s 3 grand cash back will leave you with change to spare. Even better if you use moneysherpa to switch and take up their all in switching deal for €1,200 including VAT you will be €1,800 to the good before any savings from the lower rates a win win.
If you can afford to cover the legal fees yourself though, you are better off looking at Avant Money or ICS as the long term savings will out weigh the cash back saving pretty quickly.
You can a free mortgage check up to see if KBC will suit you here.
The death of KBC in the mortgage market has been greatly exaggerated. In all likelihood they will remain a good option for some people looking for a sweet spot between cash back and competitive on-going rates.
If you are with KBC today your terms will remain the same, however if your are on their variable rate you should now look at the lower fixed rates being provided by Finance Ireland, ICS and Avant Money.
Avant Money, ICS Mortgages and Finance Ireland are available through brokers or through one our mortgage sherpas.
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.
You can read our founder’s latest piece for extra.ie on the big mortgage switch and how much you will save here. Or you can check out our handy switching mortgage 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.
The Credit Union is an Irish Institution so it’s natural to consider it when thinking about financing your own home. In our Credit Union Mortgage Ultimate Review – Ireland 2021 we will give you the inside track on a Credit Union mortgage and what other options are available.
As someone who used to lead the mortgage product team in PTSB I’ve kept a close eye on Credit Union’s entry into the mortgage market.
Credit Union mortgage rates are typically 70% higher than leading lenders rates and although they have some local flexibility on approvals it’s nowhere near as forgiving as that you would get for a Credit Union personal loan.
Lending rules for Credit Union mortgages laid down by the Central Bank of Ireland limit the number of mortgages Credit Unions can dole out to members and also the who gets them.
For most people then, the non bank lenders ICS Mortgages, Finance Ireland and Avant Money are still the best option for low rates and forgiving approval terms. You can see how their rates compare to the Credit Union’s typical mortgage rate of around 4% APRC here.
Read on to find out if a Credit Union mortgage still makes sense for you and the other options for a great rate and easy approval.
Credit Union Mortgage Rate and Product Overview – Credit Union Mortgage Ireland 2021
Pro’s & Con’s – Credit Union Mortgage Ireland 2021
Recommendation – Credit Union Mortgage Ireland 2021
Alternatives – Credit Union Mortgage Ireland 2021
In a Nutshell – Credit Union Mortgage Ireland 2021
Don’t forget to get a Credit Union mortgage you have to be a member of the Credit Union you want the loan from. Typically you will need to be a member for at least 6 months before you can take out a Credit Union mortgage.
Another thing to watch out for is that a Credit Union mortgage is only available on your principal private residence. In other words if you want a mortgage for anything other than the home you live in most of the time, such as a holiday home, investment property or even a self build, a Credit Union mortgage isn’t an option.
Most Credit Unions also have tighter restrictions than other lenders on the loan to value, looking for 80% or less. This means you would have to find 20% of the house value for a deposit versus 10% with most other lenders.
Credit Unions limit the size of the mortgages they offer by region due to differences in house valuations and Central Bank rules. Typical limits are,
Credit Union mortgage terms are typically available from 5 to 35 years.
Just like other lenders, the Credit Union has to be sure you have the capacity to repay the mortgage loan before giving approval. This capacity to repay will take into account other loans you may have, dependents and also whether you can still afford the repayments if interest rates rise significantly in future.
If you have an existing savings account and a history of saving or paying your rent or Credit Union personal loans off regularly this will help with approval.
Many Credit Unions are now offering both fixed and variable mortgage rates. The actual rates vary by Credit Union, however as they are all working within the same rules and cost constraints our research has shown them to be within 0.1%-0.3% of each other nationwide generally.
To help compare with other lenders, we have used the Member First Credit Union in Dublin, whose rates are typical of other Credit Union rates, in the table below.
| Provider | Product | Rate | APRC |
| Member First CU | 3 Year Fixed | 3.5% | 4.1% |
| ICS Mortgages | 3 Year Fixed | 1.95% | 2.38% |
| Member First CU | Variable Rate | 4.25% | 4.33% |
| ICS Mortgages | Variable Rate | 2.45% | 2.53% |
Typical Credit Union rates are up to 70% higher than the leading lender rates available. This would cost you an extra €20,000+ on a typical mortgage. You can see how these rates compare to all other lenders on the market here.
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]
Although Credit Unions have a fantastic reputation and for personal loans offer great rates and approval terms when it comes to mortgages we recommend you strongly consider other lenders.
Not choosing a Credit Union doesn’t mean choosing a bank. There are a number of non bank lenders such as ICS, Avant Money and Finance Ireland that offer better rates than the banks and more flexible approval approaches.
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 and up to 70% lower than with a Credit Union. These lenders are available through a broker or through one our mortgage sherpas.
The banks are typically more expensive and less forgiving on approvals, whilst the Credit Union only makes sense if you have exhausted your all other options.
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. Or you can check out our handy switching mortgage 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.
moneysherpa 2022 © all rights reserved. DFP mortgages, trading as moneysherpa is regulated by the Central Bank of Ireland.
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