Fixed Rates with Irish Banks

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In a previous article, I discussed variable rate mortgages with Irish Banks. If a variable rate does not suit your mortgage needs, then you may want to look into fixed rates that are offered as well. I am going to compare the best fixed rates in the Irish market.

With fixed rates, you can choose the length of time that you want to fix your rate for. The longer the fixed rate, the more expensive it is. Fixed rates up to 10 years are available in Ireland, but first time buyers usually go for three or five year rates.

3 year rates

Avant Money and KBC offer interest at 2.35 percent, with monthly payments at 871 Euros. Haven and AIB offer 2.55 percent with payments at 894 Euros. ICS mortgages, Finance Ireland, and EBS offer interest at 2.6, 2.65, and 2.9 respectively. The payments for these loans are 900, 906, and 936.

5 year rates

Avant Money and KBC offer interest at 2.5 percent, with monthly payments at 889 Euros. Haven and AIB offer 2.55 percent with payments at 894 Euros. ICS mortgages, Ulster Bank, and Finance Ireland offer interest at 2.6, 2.6, and 2.8 respectively. The payments for these loans are 900, 900, and 924.

These rates are only allowed for customers that hold current accounts with these banks. These rates are also not available for people seeking exemption from the Central Banks mortgage lending rules. Fixed rates appear to be a good deal for customers, it is nice that the rates will not change during the lifetime of the loan. However, if rates drop then you will not be able to take advantage of the positives that come with lower rates. When it comes to cash back deals, banks usually offer the same deals that come with variable rate loans.

Fixed rates have not been popular in Ireland, but are making a comeback in recent years. If you have a lower loan to value ratio, you may want to go for a fixed rate for 5 to 10 years. If you have the money to afford it and do not want to deal with economic changes, this is the way to go. It is still imperative that you exhaust all efforts to find the best mortgage deal being offered. Mortgages can seem daunting agreements, but if you choose the right bank they can make the process easier for you. If you do not want to deal with banks directly, it may interest you to reach out to a mortgage broker. To reach out to a quality broker, visit yes.ie.