After two years of interest hikes, Irish mortgage rates look like they have turned a corner with all of the lenders in the market announcing rate cuts in the last 6 weeks.

With the EBC strongly expected to announce interest rate cuts in June, Irish banks have not hung around, with something of a price war already taking hold as all of the lenders have cut their rates for new and existing customers. Indeed, by 29th May, PTSB will have enacted 3 rounds of price cuts from the peak of the market in early 2024.

This is good news for mortgage holders and prospective homeowners, although not everyone will be feeling it just yet. The focus of the recent cuts has been Fixed Rates. There has been little appetite to reduce Variable rates to date, and with Tracker Mortgages tied to the ECB rate, which has officially been cut yet, the difference between the highest and lowest rates in the market have seldom been further apart.

‘Green’ mortgage rates lead the way, with rates as low as 3.45% for homes with a BER rating of B3. This rate is a 4-year fixed and comes with a €3,000 cashback offer for switchers. For those who don’t have the BER rating for a green mortgage there is still excellent rates, the best being 3.6% for a 4-year fixed and 3.7% for a 3-year fixed.

For those who fixed their mortgages over two years ago, these rates still look high versus what they have been on, but they represent significant savings versus the Variable rates they will move onto. Currently Variable rates are between 3.95% – 4.7% with the three main pillar banks.

If you are interested in switching your mortgage and find out what your options are, we offer our no obligation Mortgage Review service. It is a quick 15 minute call to talk through the details of your mortgage, finances and what the options open too you are. even if you cannot switch your mortgage there are some other ways to make smaller savings on it to, all of which can be covered with you.

Get in touch to book your mortgage review today

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