What is the lowest mortgage rate in Ireland right now?
Green rate mortgages are the lowest rates available in Ireland right now. Green rates start from 3.65%.
Not all lenders offer Green rates so if you are eligible for a Green rate mortgage then you should certainly seek one out.
How do I get a Green rate?
Green rates apply where your Building Energy Rating (BER) is B3 or higher.
97% of new homes built since 2015 were ‘A’ rated. BER certs are valid for 10 years. If you are an existing homeowner on a variable rate or coming to the end of fixed rate next year with BER of B3 or above then Green rates should be top of your list.
If you have carried out home improvements to improve the energy rating of your home then you should be eligible for a Green rate. Many of our clients at doddl choose to switch and release equity out of their home to improve the energy rating of their home. By doing so they may also become eligible for a Green rate which can significantly reduce the repayments that they make on their mortgage.
You will need a valid BER cert showing B3 or higher to be eligible for a Green rate.
Green rates are available in 3, 4, 5 and 7 year fixed terms.
How much can I save with a Green rate mortgage?
Green rates can result in huge savings. If we take the example of a mortgage holders with a mortgage of €250,000 over 30 year term and who are opting for a 5 year fixed rate. 5 year fixed Green rate is 3.75%, non Green is 4.8%. As such by choosing the Green rate you could save €8,820 over the 5 year term.
First time buyers purchasing a new build home
All new build homes are A energy rated and as such will be eligible for Green mortgage status.
As there are three lenders offering Green rates we would work with our clients to figure out the best rate and terms for their circumstances. Some lenders have high value mortgage (>€250,k) rates which offer a further discount for Green, some lenders offer 2% cashback aswell as a Green rate. Our advisors are in a position to discuss best rates with you and to guide you through the process of securing a Green rate.
Green rates – everything you need to know:
- Green rates are the lowest rates on the market presently (December 2023)
- To be eligible for a Green rate your BER must be B3 or higher
- All new build homes have an A energy rating so will be eligible for Green rate
- Green rates start from 3.65%
- Fixed terms of 3, 4, 5 and 7 year fixed rates are available when Green
- First Time Buyers, Movers and Mortgage Switchers are eligible for Green rates
- If carrying out home improvements you can release equity from your home and also look to avail of a Green rate if you meet the min BER B3 status.
- Not all banks offer Green rates so you need to get advice as to who has this rate offering
- If you are an existing business customer of a bank they may not offer you a Green rate as for some lenders Green rates are for new business customers only. You can switch though to avail of one.
For more information on Green rates or to start the process of applying for a mortgage then speak to one of our advisors today –
Mortgage Horizons Limited t/a doddl is regulated by the Central Bank of Ireland.
Rates above are correct as 01/12/2024