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.
In today’s ever-changing financial landscape, switching mortgages in Ireland has become an increasingly viable option for homeowners looking to reduce their mortgage costs. With mortgage interest rates in Ireland constantly evolving, staying informed about your options could lead to substantial long-term savings.
This comprehensive guide will walk you through everything you need to know about how to switch mortgage providers, including when you can switch mortgage lenders, how to switch mortgage lenders, the potential benefits, and key considerations like fixed, variable, and split-rate mortgage options.
One of the most straightforward times to switch your mortgage is when your fixed-rate mortgage term expires. It is always recommended talking to a mortgage advisor at least 3-6 months in advance of your fixed rate expiring. If customers wait until after they have already rolled onto a variable rate, they may face a substantial increase in repayments. Many borrowers find themselves automatically moved onto a lender’s standard variable rate (SVR) after their fixed term ends, which is often significantly higher. Additionally, switcher mortgages can take an average of 6-8 weeks from start to finish, and in some cases, even longer.
Absolutely. In fact, this is one of the best times to explore better mortgage rates in Ireland, as you won’t face early repayment charges (ERCs).
While possible, exiting a fixed-rate deal early usually incurs penalties. You’ll need to carefully calculate whether the savings from a new deal outweigh these costs.
If mortgage interest rates fall significantly, switching could secure you a much lower rate. Keeping an eye on fixed mortgage rates trends will help you identify the right time to make a move.
If your income has increased or you’ve built up more equity in your home—for example, if your house value has increased and your mortgage balance has reduced—you may qualify for lower interest rates depending on your loan-to-value ratio. Most lenders have different tiers of interest depending on the outstanding mortgage balance versus the current value of your home. Additionally, some lenders offer preferential “green rates” for homes with a high Building Energy Rating (typically BER B3 or greater). Rather than being based on lower risk, these rates are primarily offered as lenders aim to promote environmentally friendly choices among customers.
Poor customer service, lack of flexibility, or unfavourable terms are all valid reasons to consider switching.
Start by gathering essential information about your existing mortgage, including:
You can find most of these details on a recent mortgage statement or by contacting your lender. Additionally, get an estimate of your home’s current value, as this will impact your loan-to-value (LTV) ratio. However, it’s best not to arrange a formal valuation at this stage. Later in the mortgage process, lenders will require a valuation through their approved valuers, and arranging one too early could mean paying for two separate valuations. If you have a recent valuation, that’s helpful, but at the start of a switcher, a rough estimate will usually suffice.
Once you have your details, compare available mortgage rates from different lenders. Look out for:
Online comparison tools and mortgage brokers can help simplify this process and highlight the most suitable deals.
Lenders assess several factors before approving a switch, including:
Once you select a lender you’ll typically need to provide:
Many lenders now allow digital submission of documents, making the process more convenient. The Central Bank of Ireland also requires lenders to provide a decision within 10 business days of receiving a completed application.
During the mortgage process and typically after approval in principle stage you will need to arrange a valuation through one of your lenders approval panel of valuers. Valuations are valid for 4 months and generally cost approximately €150. This is an expense that customers will need cover.
In certain circumstances, structural engineer reports are also mandatory (usually when the property is 100 years or older).
You’ll need a solicitor to manage the legal aspects of switching, including transferring your mortgage deed. While legal fees apply, some lenders offer cashback incentives to help offset these costs.
If the amount and term of your mortgage remain the same, you can transfer your existing mortgage protection policy to your new lender. However, if it has been several years since you last reviewed your financial protection, this may be a good opportunity to reassess your coverage. Changes in your circumstances—such as having dependent children—might mean you need additional protection to ensure your financial security. Reviewing your policy now can help ensure you have the right level of coverage for your current needs.
Before you drawdown your mortgage, you will need to complete a new direct debit mandate for your new mortgage repayment. Once you drawdown your new mortgage, it is recommended that you contact your previous provider and ensure you cancel the old direct debit to avoid potential duplicate payments.
Once all steps are complete, your new lender will transfer the funds to your solicitor who will in turn clear your old mortgage, and your mortgage switch will be finalised.
Even a small reduction in your mortgage interest rate can save you thousands over the life of your loan.
New lenders may offer:
Switching can allow you to:
If your home has a high building energy rating (BER), you may qualify for special mortgage rates with lower interest rates.
If you’re still in a fixed rate mortgage period, exiting early could mean hefty fees. Always weigh these costs against potential savings. In some cases, breakage fees cost very little and also some fees may not apply at all. To get an accurate understanding of any fees, speak directly with your current lender to determine what applies to your mortgage.
Switching may involve:
Changes in lending criteria or your financial situation could affect approval.
With mortgage rates constantly changing, regularly reviewing your mortgage could lead to significant savings. Whether you’re nearing the end of a fixed rate mortgage term or simply want to explore better deals, understanding how to switch mortgage lenders empowers you to make the best financial decision.
Switching your mortgage is a major financial decision that requires careful analysis of:
At Fairstone, our expert mortgage advisors specialise in helping home owners in Ireland navigate the mortgage market. We provide personalised comparisons of fixed mortgage rates and variable options, guidance on green mortgage incentives for homes with a high building energy rating, and support throughout the application process, ensuring a smooth switch. Book today your no-obligation mortgage advice consultation and take the first step towards a better mortgage deal.
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What is the Help to Buy Scheme (HTB)?
Are you a first-time buyer in Ireland looking to step onto the property ladder? The journey to homeownership can feel overwhelming, but the Irish government has introduced several schemes to make it easier for first-time buyers. One of the most popular is the Help to Buy (HTB) scheme, designed to help you secure your dream home. In this blog post, we’ll explore everything you need to know about the first-time buyer scheme, including what is the HTB scheme, key benefits, and how to navigate the process of buying a second-hand house or securing a first-time buyer mortgage.
The HTB scheme is a government initiative aimed at assisting first-time buyers in Ireland. It provides a refund of certain taxes paid over the previous four years, up to €30,000, which can be used towards the deposit for a new home or a self-build property.
To qualify for the first-time buyer grant under the HTB scheme, you must meet the following criteria:
If you’re purchasing a second-hand house, note that the HTB scheme only applies to newly built properties. However, other supports may be available for first-time buyers in Ireland, such as the vacant home scheme.
A qualifying property under the HTB scheme must meet the following conditions:
The amount you can claim under the HTB scheme depends on several factors:
For example, if you’re a first-time buyer purchasing a property worth €450,000, you could claim up to €30,000. This refund can significantly reduce the deposit required for your first-time buyer mortgage.
The Stamp Duty rates on private dwelling home purchases are as follows, regardless if first time buyer or second/ subsequent buyer:
Applying for the HTB scheme involves three main stages:
Yes, Revenue can claw back your HTB refund if:
It’s essential to ensure you meet all the conditions of the HTB scheme to avoid any issues.
Navigating the help to buy scheme and securing a first-time buyer mortgage can be complex. Seeking expert mortgage advice is crucial to ensure you make informed decisions and maximise the financial supports available to you.
At Fairstone, we provide expert mortgage advice tailored to your unique needs. Our team will guide you through every step of the process, from understanding the Help to Buy Scheme to securing the best mortgage deal for your new home.
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