Finance Ireland Mortgage Ultimate Review – Ireland 2022

FinanceIreland

Finance Ireland have some of the best rates on the market are backed by the National Treasury Management Agency and headed by the ex PTSB boss Billy Kane. In our Finance Ireland Mortgages Ultimate Review – Ireland 2022 we will give you the inside track on a Finance Ireland mortgage and what other options are available.

Finance Ireland Mortgage Review

As someone who used to lead the mortgage product team in PTSB I’ve kept a close eye on Finance Ireland’s entry into the mortgage market.

As a new entrant, unlike the Irish banks they aren’t weighed down by the costs of the tracker mortgages offered in the boom This has allowed them to undercut the Irish banks and offer some of the very best rates on the market.

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

Finance Ireland are competitive, but their trump card is their flexible credit policy. As well as their standard ‘progress’ rates they also offer a ‘progress plus’ product with lower barriers to mortgage approval.

The key takeaway is that if you are worried about approval going to a broker who has Finance Ireland on their books might be a smart move. You can see how a Finance Ireland mortgage repayment compare to the others in the market for your mortgage here.

Read on to find out if a Finance Ireland mortgage makes sense for you and the other options for a great rate and easy approval.

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

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

Recommendation – Finance Ireland Mortgage Review Ireland 2022

Alternatives – Finance Ireland Mortgage Review Ireland 2022

In a Nutshell – Finance Ireland Mortgages Review Ireland 2022

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

Finance Ireland Mortgage Approval Types

As well as offering mortgages nationwide Finance Ireland also offer a wide range of mortgage types.

  • They offer residential mortgages of more than €50,000-€1,250,000 in Dublin and €750,000 elsewhere.
  • They include first time buyers, home movers, buy to let, self employed, top up and switcher mortgages.
  • They do not offer staged payment self build mortgages.

Finance Ireland Mortgage Approval Credit Policy

This is where Finance Ireland have the edge, they are the only lender in the market offering what is know as ‘risk based pricing’. This means they will take some cases others wouldn’t, but for a higher fee.

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

The more flexible ‘progress plus’ products start from 3.2%, this is a hefty premium over the market leaders, but it may be the only path buying their own home for some.

If you are looking for more flexible credit solution, then you might consider the ‘Progress Plus’ product, where you pay an increased rate, but have lower barriers to entry. You can check out the difference between the two in our handy table below.

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

As you can see the Progress Plus in 0.5% to 1% more expensive than the Progress, but if you need it to get a mortgage then it is a great option.

Progress Plus may be a good fit for you if

  • You have just started your own business, with applications considered after 12 months
  • You have previous arrears on unsecured loans more than two years ago and on secured loans more than 4 years ago.

They also allow you to borrow more than 3.5 times your income. These mortgages are known as ‘exceptions’ as they are exceptions to the Central Bank lending limits.

Finance Ireland Mortgage Rate

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

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

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

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

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

If you are going to pick a short term fixed rate it is important to consider the variable or ‘follow on’ rate of your provider as this will be the rate you will be on for the majority of the time.

Compare
Follow on Rates
up to
50% LTV
Follow on Rate
up to
60% LTV
Follow on Rate
up to
70% LTV
Follow on Rate
up to
80% LTV
Follow on Rate
up to
90% LTV
Follow on Rate
Avant Money2.50%2.50%2.50%2.75%2.75%
ICS Mortgages2.65%2.70%2.70%2.70%2.70%
Finance Ireland2.75%2.95%2.95%2.95%3.15%
Haven Mortgages2.75%2.95%2.95%2.95%3.15%
AIB2.75%2.95%2.95%2.95%3.15%
KBC3.00%3.00%3.05%3.05%3.3%
Ulster Bank3.50%3.50%3.70%3.70%3.90%
EBS3.30%3.50%3.5%3.50%3.70%
Permanent TSB3.70%3.70%3.70%3.70%3.90%
Bank of Ireland3.90%3.90%4.20%4.20%4.50%
Probable follow on variable rates post fixed period based on current variable rates by provider

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

On the longer term rates Avant Money’s ‘One Mortgage’ has the edge on rate over Finance Ireland, beating their offering on all the rates below. However, on the 25 yr rate Finance Ireland are really competitive. If you can’t get the Avant Money rate then these long term rates offer great value versus current bank rates and protect your repayments if rates rise.

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

These long term mortgages are very common in continental Europe and extremely attractive if you want absolute certainty about how much you will pay for the whole length of your mortgage term. We believe these longer term fixed rates offer an incredible combination of security and value.

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

Annual Percentage Rate Charge (APRC) represents the average rate across the lifetime of a typical mortgage and is recommended as the best rate to use for comparisons by the CCPC. [1] You can check out the APRC of all the mortgages currently on the market using our comparison tool here.

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

Pro’s

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

Con’s

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

Recommendation – Finance Ireland Mortgage Review Ireland 2022

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

Where Finance Ireland really shine though is when you can’t get the current market leader Avant Money. If you have some skeletons in your credit cupboard or just struck out with a new venture then Finance Ireland might literally be your only way home.

You can check out if you can get an Finance Ireland mortgage here.

Alternatives – Finance Ireland Mortgages Review Ireland 2022

Avant Logo
  • Rates from 2.29% APRC
  • Fixed for 3-30 Years
  • Tight approval policy
ICS Logo
  • Rates from 2.29% APRC
  • Fixed for 3-7 Years
  • Flexible approval policy
Finance Ireland Logo
  • Rates from 2.53% APRC
  • Fixed for 3-25 Years
  • Flexible approval policy

In a Nutshell – Finance Ireland Mortgages Review Ireland 2022

The non bank lenders Avant Money, ICS Mortgages and Finance Ireland offer the best combination of rates and approval flexibility for most people looking for a mortgage.

Rates with these lenders are typically 30% lower than the banks as they aren’t carrying the cost of supporting tracker mortgage customers.

Of the non bank lenders Avant Money currently lead the pack, offering the best overall package of rates in the market. If you can get an Avant Money mortgage, you should. If not Finance Ireland could be your best way home, literally.

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

Next Steps – Finance Ireland Mortgages Review Ireland 2022

If you want to see what you could save by calculating your repayments and see all mortgage provider rates you can click here.

If you want to know more about other mortgage providers you can click here.

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

If you want to know more about switching you can click here. Or you can check out our handy switching mortgage guide here and our remortgaging guide here. If you still have questions check out our switching Q&A here.

If you are thinking of freeing up some extra cash from your home, take a look at our mortgage top up tips here or if you are over 55 our equity release rundown here.

If you want to get your savings started right now, set up a free no obligation video call with a mortgage sherpa here, covering not only the best rate, but also helping choose the lender most likely to approve you and helping take the pain out of the paperwork.

Switcher Mortgage Ultimate Guide – Cash Back Hack, 3 Tips to Maximise Your Savings

switcher mortgage
switcher mortgage

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.

  • Best switcher mortgage short term switching – ICS 3 year Fixed Rate
  • Best switcher mortgage long term switching – Avant Money 15 year Fixed Rate
  • Best switcher mortgage multiple switcher – PTSB Variable Rate

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.

  1. Multiple Switcher, Cashback Hack – Switcher Mortgage
  2. Long Term Switcher – Switcher Mortgage
  3. Short Term Switcher – Switcher Mortgage
  4. What you should do, the verdict – Switcher Mortgage

Multiple Switch, Cash Back Hack – Switcher Mortgage

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 MinCashback Max Cashback conditions
Permanent TSB0%2%2% not available to 4 year fixed term.
EBS2%3%2% on drawdown 1% after 5 years
Bank of Ireland2%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 Money2.00%2.00%2.00%2.20%2.20%
ICS Mortgages2.45%2.45%2.45%2.70%2.70%
Finance Ireland2.75%2.95%2.95%2.95%3.15%
Haven Mortgages2.75%2.95%2.95%2.95%3.15%
AIB2.75%2.95%2.95%2.95%3.15%
KBC3.00%3.00%3.05%3.05%3.3%
Ulster Bank3.50%3.50%3.70%3.70%3.90%
EBS3.30%3.50%3.5%3.50%3.70%
Permanent TSB3.70%3.70%3.70%3.70%3.90%
Bank of Ireland3.90%3.90%4.20%4.20%4.50%
Probable follow on variable rates post fixed period based on current variable rates by provider

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

  • €4,800 Cash Back (PTSB)
  • €4,800 Cash Back (BoI)
  • €4,800 Cash Back (EBS)
  • Total Cash = €14,400

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.

Best Long Term Switcher Mortgage – Switcher Mortgage

This image has an empty alt attribute; its file name is recommended-1024x1024.jpg
ProviderAPRCProductLTVApproval rate
Avant Money2.29%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. 

Best fixed short term mortgage rate – Switcher Mortgage

ProviderAPRCProductLTVApproval rate
ICS Mortgages2.38%3yr fixed<60%High
Avant Money2.39%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.

What You Should Do, the Verdict – Switcher Mortgage

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.

What’s Next – Switcher Mortgage

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.

Avant Logo
  • Rates from 2.02% APRC
  • Fixed for 3-30 Years
  • Tighter approval policy
ICS Logo
  • Rates from 2.78% APRC
  • Fixed for 3-5 Years
  • Flexible approval policy
Finance Ireland Logo
  • Rates from 2.53% APRC
  • Fixed for 3-25 Years
  • Flexible approval policy

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 Mortgages Ultimate Review – Ireland 2022

Avant Money Mortgages Review

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.

Avant Money Mortgages Review

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.

  • Avant Money’s Short and Medium term fixed rate products are the best in the market under cutting all the Irish banks by some margin.
  • Avant Money’s Long term fixed rates from 15 years + are the clear market leader, beating their nearest rivals Finance Ireland on rate and they are the only provider with a 25 or 30 year fixed rate.

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

Avant Money Mortgage Rate and Product Overview – Avant Money Mortgages Review Ireland 2022

Avant Money Mortgage Availability

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 Mortgage Approval Types

Avant Money are selective about what they lend.

  • They offer residential mortgages of more than €100,000 only, including first time buyers, home movers and switchers.
  • They do not offer investment, buy to let or staged payment self build mortgages.

They will do top up mortgages for home improvements as well, but that is pretty much it.

Avant Money Mortgage Approval Credit Policy

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 Mortgage Rate

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/Medium60% LTV70% LTV80% LTV90% LTV
Fixed TermRateAPRCRateAPRCRateAPRCRateAPRC
3 Years1.95%2.03%2.05%2.06%2.15%2.23%2.20%2.25%
4 Years1.95%2.02%2.05%2.23%2.15%2.23%2.20%2.23%
5 Years2.15%2.11%2.25%2.16%2.35%2.32%2.40%2.34%
7 Years2.25%2.19%2.35%2.26%2.45%2.40%2.55%2.46%
10 Years2.40%2.36%2.50%2.43%2.60%2.56%2.70%2.64%
AVANT MONEY RATES (APRC calculated on €100K loan, 30 years, valuation of €185, security release €40)

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 Money2.00%2.00%2.00%2.20%2.20%
ICS Mortgages2.45%2.45%2.45%2.70%2.70%
Finance Ireland2.75%2.95%2.95%2.95%3.15%
Haven Mortgages2.75%2.95%2.95%2.95%3.15%
AIB2.75%2.95%2.95%2.95%3.15%
KBC3.00%3.00%3.05%3.05%3.3%
Ulster Bank3.50%3.50%3.70%3.70%3.90%
EBS3.30%3.50%3.5%3.50%3.70%
Permanent TSB3.70%3.70%3.70%3.70%3.90%
Bank of Ireland3.90%3.90%4.20%4.20%4.50%
Probable follow on variable rates post fixed period based on current variable rates by provider

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 Term60% LTV70% LTV80% LTV90% LTV
Fixed TermRateAPRCRateAPRCRateAPRCRateAPRC
up to 15 Years2.40%2.46%2.55%2.61%2.65%2.71%2.85%2.92%
up to 20 Years2.50%2.55%2.65%2.71%2.75%2.80%2.95%3.01%
up to 25 Years2.50%2.54%2.65%2.70%2.75%2.80%2.95%3.01%
up to 30 Years2.50%2.54%2.65%2.70%2.75%2.80%2.95%3.01%
AVANT MONEY RATES (APRC calculated on €100K loan, 30 years, valuation of €185, security release €40)

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.

Pro’s & Con’s – Avant Money Mortgages Review Ireland 2022

Pro’s

  • Best rates on the market for fixed rates (3-30 years)
  • Only provider offering up to 30 year fixed rates allowing ‘lock in’ of current low rates.

Con’s

  • Limited availability across regions and mortgage types
  • Tighter credit policy, reducing approval likelihood for some
recommended

Recommendation – Avant Money Mortgages Review Ireland 2022

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.

Alternatives – Avant Money Mortgages Review Ireland 2022

Average Rate (APRC) 3 Yr4 Yr5 Yr7 Yr
Avant Money2.03%2.02%2.11%2.19%
ICS Mortgages2.78%2.99%
Finance Ireland3.03%3.17%
Haven Mortgages3.00%3.00%2.90%
AIB2.72%2.77%2.68%2.88%
EBS3.50%3.20%3.40%
Permanent TSB3.57%3.14%3.46%3.36%
Bank of Ireland3.70%3.30%3.6%
* LTV < 50%, excludes Mortgage value >€250,000, excludes Green mortgages
Avant Logo
  • Rates from 2.02% APRC
  • Fixed for 3-30 Years
  • Tighter approval policy
ICS Logo
  • Rates from 2.78% APRC
  • Fixed for 3-5 Years
  • Flexible approval policy
Finance Ireland Logo
  • Rates from 2.53% APRC
  • Fixed for 3-25 Years
  • Flexible approval policy

In a Nutshell – Avant Money Mortgages Review Ireland 2022

The non bank lenders Avant Money, ICS Mortgages and Finance Ireland offer the best combination of rates and approval flexibility for most people looking for a mortgage.

Rates with these lenders are typically 30% lower than the banks as they aren’t carrying the cost of supporting tracker mortgage customers.

Of the non bank lenders Avant Money currently lead the pack, offering the best overall package of rates in the market. If you can get an Avant Money mortgage, you should.

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

Next Steps – Avant Money Mortgages Review Ireland 2022

If you want to see what you could save by calculating your repayments and see all mortgage provider rates you can click here.

If you want to know more about other mortgage providers you can click here.

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

If you want to know more about switching you can click here. Or you can check out our handy switching mortgage guide here and our remortgaging guide here. If you still have questions check out our switching Q&A here.

If you are thinking of freeing up some extra cash from your home, take a look at our mortgage top up tips here or if you are over 55 our equity release rundown here.

If you want to get your savings started right now, set up a free no obligation video call with a mortgage sherpa here, covering not only the best rate, but also helping choose the lender most likely to approve you and helping take the pain out of the paperwork.

Credit Union Mortgage Ultimate Review – Ireland 2021

Credit Union Mortgage

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.

  • The good news is there are now over 100 Credit Unions across Ireland offering mortgages to their members.
  • The bad news is that those mortgages aren’t anywhere near as attractive for members as the low rate and flexible credit terms of the Credit Union’s personal loan offerings.

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

Credit Union Mortgage Rate and Product Overview – Credit Union Mortgage Ireland 2021

Credit Union Mortgage Availability

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 Union Mortgage Loan Size and Term

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,

  • €100,000-€350,000 – Dublin, Louth, Meath, Kildare, Cork, Galway
  • €100,000-€250,000 – Rest of Ireland

Credit Union mortgage terms are typically available from 5 to 35 years.

Credit Union Mortgage Approval Policy

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.

Credit Union Mortgage Rate

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.

ProviderProductRateAPRC
Member First CU3 Year Fixed3.5%4.1%
ICS Mortgages3 Year Fixed1.95%2.38%
Member First CUVariable Rate4.25%4.33%
ICS MortgagesVariable Rate2.45%2.53%
Typical Credit Union Mortgage Rates v Other Lenders

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]

Pro’s & Con’s – Credit Union Mortgage Ireland 2021

Pro’s

  • Local office ability to talk face to face with an advisor
  • As an existing member your account history might provide evidence you can make the repayments that other lenders might not consider

Con’s

  • Limited mortgage product offering, principal private residence only and capped amounts
  • Expensive, rates 70% more than other lenders

Recommendation – Credit Union Mortgage Ireland 2021

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.

Alternatives – Credit Union Mortgage Ireland 2021

Avant Logo
  • Rates from 2.29% APRC
  • Fixed for 3-30 Years
  • Tight approval policy
ICS Logo
  • Rates from 2.29% APRC
  • Fixed for 3-7 Years
  • Flexible approval policy
Finance Ireland Logo
  • Rates from 2.53% APRC
  • Fixed for 3-25 Years
  • Flexible approval policy

In a Nutshell – Credit Union Mortgage Ireland 2021

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.

Next Steps – Credit Union Mortgage Ireland 2021

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.

The Ultimate remortgage and switch mortgage smart Q&A, Ireland 2022

switch mortgage ireland
switch mortgage ireland

How to switch mortgage provider?

The simplest way to switch mortgage is to speak to a mortgage broker. Brokers fees are usually paid for by the lenders and many have exclusive access to lenders with the best rates. Avant Money, ICS and Finance Ireland have the lowest rates and are only available via brokers. 

What is mortgage switching?

Mortgage switching is taking out a new mortgage with a new lender, usually because the new lenders interest rate is lower and using that mortgage to pay off the old mortgage. The average saving on switching in Ireland is over €20,000, leading to increased numbers of switchers.

How much does it cost to switch mortgage providers?

It costs around €1,400 to switch mortgage if you do it right. 

  1. A solicitor gathers the right paperwork and checks the terms of the new loan. The fees usually come in between €1,200 to €1,600 including VAT. 
  1. An estate agent values your home. So the bank can put you on the right rate and usually comes in at €150 excluding VAT.

How much are the legal fees to switch mortgage?

Legal fees to switch mortgage usually come in from €1,000 to €1,500. The solicitor has to request the deeds from your old bank and then handles the paperwork with your new bank. They will also make sure you understand the terms of the new loan before you sign the new loan agreement. 

moneysherpa have a panel of recommended solicitors that will complete a switch for €1,200 all in including VAT.

Do I need a solicitor to change mortgage?

Yes, under law you need a solicitor to switch mortgage. The solicitor will transfer the deeds from your old lender to your new lender and to advise you on the terms of the new loan offer. Having a solicitor also gives you and your bank confidence in the paperwork. A mortgage broker will handle the solicitor for you.

How much to switch mortgage?

Average costs to switch mortgage are under €1,400 inc VAT to cover a solicitor and estate agent. If you shop around you should be able to find a mortgage broker who is fully paid for by the lender and will manage the solicitor and estate agent on your behalf. 

How long does it take to switch mortgage lenders?

It usually takes 6-12 weeks to switch mortgage lenders. Switching mortgage is pretty straightforward compared to buying a property first time round. 

First you need to pass your new lender’s credit check, this is usually pretty quick, as you already have evidence you are paying a mortgage with your old lender. 

Then you need to get a solicitor involved to handle the contract paperwork. Finally, a local estate agent selected by the new lender values the property. 

What is involved to switch mortgage provider?

There are 4 steps to switch mortgage provider.

  1. Find the best lender using an online calculator
  2. For credit approval you will need to prove who you say you are and provide evidence of your ability to repay the loan. To confirm you are on the right rate the new lender will also ask you to get your home professionally valued. 
  3. Now comes the legal bit, which is much simpler than when you buy. Your solicitor gets the paperwork sorted, checks you understand it and you sign. 
  4. Now for the money switch, drawdown. When all the boxes have been ticked your new lender will ask you to fill in a new direct debit to collect your repayments. 

How to switch mortgage provider? 

5 simple steps to switching your mortgage

Step 1 – Calculate your mortgage savings online

Step 2 – Find a mortgage broker fully paid for by the lenders 

Step 3 – Gather your paperwork, bank statements and salary certificates

Step 4 – Use your broker to manage the solicitor and estate agent

Step 5 – Enjoy your new mortgage savings every month

How easy is it to switch mortgage?

Using a mortgage broker can make the switch mortgage process very straightforward, they will handle all the paperwork for you. If you shop around you should be able to find a broker that is fully paid for by the lenders. Solicitors fees and Estate agent fees are also covered by some lenders. It takes 6-12 weeks to complete the switch from start to finish.

How do I switch mortgage lenders?

To switch mortgage or to remortgage you simply take out a new mortgage with a new lender and use that to pay off your old mortgage provider. Typically this is to avail of a lower mortgage rate with the new lender on the same mortgage amount or to increase the mortgage known as ‘topping up’ to release equity from your home. It makes sense to consult with a mortgage broker before switching.

How often can you switch your mortgage provider?

There’s no limit on how often you can switch your mortgage provider, even if you have received a cashback offer. 

If you are still in your fixed rate period you need to watch out for ‘breakage fees’. Under EU law the fee is capped in line with the cost to the lenders of providing the rate. This depends on the difference between the interest rate when you fixed and the interest when you switch. 

As a result, often there are no fees at all, but the only way to be sure is ask your bank what your fee would be.

How many times can you switch mortgage?

Under EU law there is no limit on how many times you can switch your mortgage. This also means that you can avail of multiple cashback offers. The best rates however are fixed rate mortgages which can have penalties if you switch within the fixed period. 

When can you switch mortgage?

You can switch mortgage for free if you are outside your fixed rate period, usually 3 or 5 years after you took out the loan. Even if you are in the fixed rate period you may be able to switch without penalty due to EU law. Ask your lender to calculate what ‘break out’ fee would apply in your particular case.  

Can you switch from a fixed rate mortgage?

You most certainly can switch from a fixed rate mortgage. A lot of people think this always incurs a fee, but due to an EU law banks can now only cover their costs with these fees. This means the fee the bank is allowed to charge depends on the difference between the rate when you fixed and the rate when you switch. You should ask your bank what fee would apply to you, more often than not it turns out there are no fees at all.

Can you switch mortgage if in negative equity?

If your loan is larger than the value of your property, switching can be tricky as the bank ‘backs’ the mortgage with the value of your house. It often makes sense to get an up to date valuation 

and then talk to an experienced mortgage broker about your options if you think you might be in negative equity.

How much will I save if I switch mortgage?

If you bought after 2008 you may be one of the 200,000 mortgage holders on rates of 4.2% APRC, meaning big savings if you switch mortgage. The average saving for these customers is around €20,000 over the duration of the mortgage. Even if you aren’t on a 4.2% rate, you will probably save thousands by switching. 

How does a mortgage calculator work?

The mortgage calculator uses the rate you can get. This usually depends on the size of the loan and the value of the property. A calculator selects the right rate for your particular loan to value and then applies this to work out the total cost of your repayments based on the length of mortgage you need.

How do you remortgage a house? 

To remortgage you take out a new mortgage with a new lender and use that to pay off your current lender. Usually to improve the rate or increase the mortgage amount. This known as mortgage switching in Ireland and remortgaging in the UK, but it is the same process. 

What is a remortgage?

A remortgage is a new mortgage on a property already with a mortgage. Usually that new mortgage is used to pay off the previous mortgage. Often the new mortgage is at a lower rate reducing the repayments and saving money for the mortgage holder. In Ireland this is often known as switching mortgage.

Why remortgage?

There are two main reasons why people remortgage or switch their mortgage.

  1. To reduce your repayments and save money. New customer rates in Ireland are almost half existing customer rates, so remortgaging can save mortgage holders significant amounts in interest payments
  2. To release equity tied up in your home. To allow investment or major purchases at mortgage interest rates which are lower than other types of loans.

Sources and next steps

You can calculate your own switching savings here or arrange a free no obligation consultation here.

You can read more about switching your mortgage and how much you could save here.

Information based on data from the CCPC, BPFI, CSO, MABS, Central Bank of Ireland.

Remortgage Ireland 2022, how to calculate your savings

remortgage
Savings tool

Remortgage Ireland 2022. When I headed up mortgage products at PTSB, the low numbers of people remortgaging in Ireland was a shock. Despite huge savings we still have one of the lowest rates of remortgaging on the planet.

Remortgaging is simply taking out a new mortgage to pay down your old mortgage, either to get a lower rate (known as switching) or to release cash tied up in your home (know as top up or equity release).

Anybody who took out a mortgage after 2008 and is no longer on an introductory rate is likely to save around €25,000 by remortgaging. Over half of all mortgage holders, that’s over 450,000 households, will save at least €5K.

Why is the remortgaging rate so low? Well, most people don’t know how much they can save or how to remortgage. By the end of this article you will be one of thew few lucky ones able to take advantage of the record low interest rates for those remortgaging right now!

Would I save by remortgaging Ireland 2022?

How much would I save by remortgaging Ireland 2022?

How much hassle and cost is remortgaging Ireland 2022?

How do I remortgage Ireland 2022?

In a nutshell – remortgaging Ireland 2022

What next? – remortgaging Ireland 2022 steps

Would I save by remortgaging Ireland 2022?

Almost certainly, interest rates are at a record low. Almost half of what the majority of people are paying.

If you are one of the 66%+ people who took out a mortgage after 2008 you should definitely look into remortgaging. This is because you’re probably on what lenders call a standard variable rate.

Irish Standard Variable Rates are some of the highest in Europe, at 4.2% [1]. Remortgaging to a new business rate will halve your interest rate to around 2%. 

If you’re one of the lucky few on a tracker mortgage with rates of around 1%, remortgaging almost certainly doesn’t make sense for you.

pig savins

How much would I save by remortgaging Ireland 2022?

If you are in the majority of Irish mortgage holders (66%+) who would save big by remortgaging,  working out exactly how much you would save isn’t complicated. 

Our handy mortgage repayment calculator automatically calculates the rates available at your LTV and estimates out how much you would save if you remortgaged to the best rate in the market.

If you want to see all the providers mortgage rates and your repayments for your LTV you can click the more information button.

The loan and term outstanding is easy to get as it is sent to you each year by your lender and doesn’t change that much each year. For people remortgaging last year the loan was €170,000 and the term 15 years on average. [2]

The more your home value rises the lower the rate you can get when you remortgage. This is what lenders call the Loan to Value ratio or LTV. If you’re not sure about your home value it’s easy to estimate. 

If you bought before the crash in 2008 your house is probably now worth about what you originally paid for it as the market has pretty much bounced back since then. 

If you bought after 2008 it should be worth roughly what you bought at, plus give or take an additional 4% for every year since you bought. So if you bought ten years ago you can add on 40%, nice!

How much hassle and cost is it remortgaging Ireland 2022?

Fortunately remortgaging Ireland 2022 isn’t like applying for a mortgage the first time around. You can now do it totally online and for free. 

There are still some upfront costs you have to watch out for, you still need to get a solicitor to handle your house deeds and help you with the new mortgage agreement. You will also need to get your house valued by an estate agent to help set your mortgage rate.

The higher the value of the house the lower the loan to value rate, which means less risk for the bank, which means a lower rate for you.

All in switching costs usually come in at around €2K including the VAT, way lower than the potential savings.

Even better lenders, who are keen for new business, often pay for your solicitors fees and to get your home valued and for you to use an online switching platform like moneysherpa’s.  AIB, KBC and Ulster all offer over €1,500 towards the cost of switching. BoI, PTSB and EBS all offer 2%+ cash back which often works out at even more.

Plus, they will handle all the paperwork for you.    

How do I remortgage Ireland 2022?

If you use a service like moneysherpa’s it is pretty straight forward. The main thing you need to worry about is what to do with the money saved. Seriously, do you?

1. Pocket the savings

If you bought after 2008, have around €170,000 and 15 years left on your mortgage you should be looking to save over €180 a month in saved interest payments.

That would be €32,400 saved over the 15 years, without including cash back payments if you keep switching. This can make a really positive difference to the household budget and give you some welcome financial wriggle room.

2. Pay off the mortgage earlier

This is personal favourite as you effectively double down with your savings.

If you use the €180 a month you save to pay off your mortgage quicker, you can reduce your term by over 10% without paying anymore than you do today. Saving you another €4,307.

That’s €32,400 + €4,307 = €36,707 saved.

3. Release more cash

If the lower monthly repayments from remortgaging mean you can borrow more, known as topping up your mortgage you could free up the cash tied up in your home. Because it’s secured on your home, a mortgage is one of the cheapest ways of securing credit. This can be a great way to fund big once off investments, but be careful if you might struggle to repay the higher amount. 

In a nutshell – remortgaging Ireland 2022

Remortgaging is a great way to save. 1 in 5 people will save over €25,000 and over half will save over €5,000 by remortgaging in Ireland 2021.

Rates are better than ever and many mortgage brokers will handle the paperwork for you for free as they are paid by the lenders. Talking to a broker can help you work out the best option for your own circumstances, whether you are looking to simply save, fix your rate or free up cash. 

What next? – remortgage Ireland 2022 steps

To check out how much you would save or what rates are the best for you, use our handy repayment calculator here.

You can find out more about switching costs here.

You can read more about mortgages or talk to one of our moneysherpa mortgage team here.

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