It is one of the most common questions Irish mortgage holders ask. And in 2026, the answer is more nuanced than it has been in some time.
Fixed rates in Ireland are currently lower than variable rates, the reverse of the historical norm. With rate competition continuing to reshape the market, the case for reviewing your current rate, whatever it is, has rarely been stronger.
With over 20 mortgage rate changes in the Irish market over the past year, the case for reviewing your current rate, whatever it is, has rarely been stronger.
Over 80% of new mortgages taken out in Ireland are now on fixed rates. This is a significant shift from several years ago, when around 80% were on variable rates.
As of April 2026, the Irish mortgage market offers genuine choice across fixed and variable products. Here is a snapshot of the current landscape:
If knowing exactly what your repayment will be each month matters to you, a fixed rate removes that uncertainty entirely for the duration of the fixed term. For households managing childcare, school fees, or other significant fixed outgoings, this predictability has real value.
With fixed rates currently lower than most variable rates in Ireland, a reversal of the historical norm, fixing now locks in a competitive rate without accepting a premium for certainty.
Rate certainty has rarely been more accessible. While rates have been stable in recent months, there is no guarantee they will remain so and a fixed term of three to five years insulates you completely from any movements during that period.
A 3–5 year fixed term is currently the most popular choice among Irish borrowers, giving most households a meaningful planning horizon without committing to an excessively long lock-in.
Variable and flex products offer greater flexibility, particularly for borrowers who anticipate a lump sum, an inheritance, or a salary jump that they want to use to reduce the mortgage balance ahead of schedule.
Avant Money’s Flex Mortgage, for example, allows overpayment at any time with no charge. If you are likely to make substantial overpayments within the next two to three years, breakage costs on a fixed rate could offset any rate saving.
Variable rates are tied to market conditions. If ECB rates fall further, not currently expected in the near term, but not ruled out, a variable rate borrower benefits directly. Lenders typically pass rate decreases and increases onto customers in line with ECB rate changes. A fixed borrower does not benefit until their fixed term expires.
Green mortgages offer discounted rates for homes with a strong Building Energy Rating (BER). Multiple lenders, including Haven, PTSB, and EBS, now offer lower fixed rates for properties rated A or B.
Bank of Ireland takes a different approach with its EcoSaver fixed rate, which applies tiered discounts to all BER-rated homes, from A right down to G, with the discount increasing the more energy-efficient the property. A BER A-rated home qualifies for the maximum discount, while even a G-rated property receives a small reduction on the standard fixed rate.
If your home has been recently upgraded, renovated, or is newly built, it is worth checking your BER certificate. A higher rating can unlock a meaningfully lower interest rate, and the energy savings reduce your running costs at the same time.
Bank of Ireland’s EcoSaver fixed rates start from 3.1% and are available to first-time buyers, second-time buyers, and switchers. The rate you receive will depend on your LTV (Loan to Value) and the BER of the property and if you improve your BER after drawing down, your rate can reduce again.
Yes, particularly if your current rate was set in 2022 or 2023, when rates were rising sharply. The Irish market has moved significantly since then, and switching to a more competitive product could reduce monthly repayments materially.
A mortgage review is not the same as remortgaging. It starts with understanding what rate you are currently on, what products are available to you now, and whether the savings justify any switching costs. Our mortgage advice service covers the full process from initial review through to drawdown.
Always compare the APRC (Annual Percentage Rate of Charge), not just the headline rate. The APRC reflects the true cost of the mortgage including fees and the rate you revert to when a fixed term ends.
For most borrowers who value certainty, yes. Fixed rates are currently lower than most variable rates, which is unusual by historical standards, and ECB rate stability means the window to lock in a competitive rate at a lower-than-variable price is open. That said, your personal circumstances (overpayment plans, likely moving timeline, lump sums expected) should always be factored in.
As of April 2026, the lowest fixed rate available is 3.0% on a 4-year term from PTSB, subject to loan-to-value and eligibility criteria. Green mortgage products from Haven, Bank of Ireland, and PTSB offer lower rates for homes with a BER rating of A or B. Rates are subject to change. Speak to a Fairstone mortgage adviser first to find out which products you qualify for and which represents the best value for your circumstances.
At the end of your fixed term, your mortgage typically reverts to the lender’s standard variable rate unless you actively choose a new fixed rate. This is a critical moment, many borrowers pay more than necessary by simply rolling onto the variable rate without reviewing. Note your expiry date and get in touch with a Fairstone adviser 6 to 12 months in advance so you have time to review all available options before your term ends.
Yes. Mortgage switching in Ireland is well-established and can yield significant savings, particularly for borrowers whose LTV has improved since they first took out their mortgage. A lender who offered you 3.7% in 2022 may no longer be the most competitive option. Many lenders offer attractive cashback incentives for switcher applications, and in most cases these cashback offers cover switching costs and more. For a full breakdown of the switching process, costs, and timeline, read our guide to switching mortgages in Ireland.
What is the difference between a fixed rate and an APRC?
The fixed rate is the interest rate applied during the fixed term. The APRC (Annual Percentage Rate of Charge) is the total annualised cost of the mortgage including fees, valuation costs, and the rate that applies after the fixed term ends. A lower headline rate can carry a higher APRC if the reversion rate is unfavourable. Always compare APRCs when choosing between products.
The Irish mortgage market in 2026 offers more choice than at any point in the past decade, different fixed terms, green discounts, High Value rates, flex products, and cashback offers. Navigating it without independent advice means relying on a single lender’s perspective.
At Fairstone, our mortgage advisers review the full market on your behalf. We assess your current rate, your loan-to-value position, your overpayment intentions, and your timeline, and identify the product that is genuinely best suited to your circumstances, not the one a single lender happens to offer.
Whether you are a first-time buyer, approaching the end of a fixed term, or on a rate you have not reviewed in years, the conversation is straightforward and the potential saving is real.
Ready to review your mortgage?
Sources
Avant Money — Mortgage Products & Rates (March 2026)
PTSB — Mortgage Interest Rates (Green Mortgage BER criteria)
Bank of Ireland — Mortgage Interest Rates
Information as of 21 April, 2026
Disclaimer
This article is for general information purposes and is not an invitation to deal or address your specific requirements. Any expressions of opinions are subject to change without notice. The information disclosed should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information of the various source material, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.
