Historically Low long-term fixed rates for Irish Borrowers

Historically Low long-term fixed rates for Irish Borrowers

The long-term mortgage rates revolution started almost a year ago, with the launch of Avant Money’s ‘One Mortgage’. This product offering introduced a suite of long-term fixed rates in May 2021, including the first ever 30-year fixed rate mortgage in the Irish market.

The “One Mortgage” products enable borrowers to fix for the entire term of their mortgage, with rates for the 30-year term starting at 2.85% for a 60% Loan to Value (LTV) ratio. Furthermore, both Avant Money and Finance Ireland announced reduction of their mortgage rates in December 2021.The move came shortly after Finance Ireland announced 25-year fixed rate home loans. Avant Money is upping the ante, enabling borrowers with a long-term perspective on their mortgage to lock into these historically low rates for 15, 20, 25 or 30 years.

Mortgage Rates Expected to Rise

You will need to act soon though if you want to make the most of these historically low rates. ICS Mortgages is the first lender to raise its fixed rates, but it’s not expected to be the last. This is partly because the European Central Bank has signalled its intention to raise its base interest rate, possibly before the end of the year. Furthermore, hyperinflation and higher borrowing costs on financial markets will also serve to make lending more expensive on mortgage providers.

What Do Fixed Rates Mean for Borrowers?

Locking into a fixed rate will ensure that whatever ups and downs life brings you, the one thing you can depend on staying the same is your mortgage payments. If you are allowed to make overpayments, you can reduce your mortgage term and save yourself money on interest.

All you need to decide from the onset is how long you want to fix your mortgage for, from 10 to 30 years. It is important to choose wisely, and a good broker helps with these decisions.

Long term fixed rates may not be for everyone. However, there are some great long-term fixed rates available now, with short term fixed rates from 1.95%.

How about we do the best rates for First Time Buyers and Second time buyers for April 2022?

First-Time Buyer Subsequent Buyer
15 Year Fixed Rate 2.65 2.25
20 Year Fixed Rate 2.75 2.45
25 Year Fixed Rate 2.99 2.65
30 Year Fixed Rate 3.1 2.85



Why Have a 30-Year Fixed Rate Mortgage?

Simply put – you know what your mortgage will be moving forward. In 2020 and 2021, we saw mortgage rates hit one record low after another. In 2022, rates are still at an all time low. We cannot predict the future, but there is a very high possibility that rates will not stay this low for much longer.

The comfort of knowing your payments will not change during your term, can position you to plan properly for you and your family’s future. Not to mention the fact that there has never been rates this low before so now is the perfect time to get into a fixed mortgage.

This long-term fixed rate mortgage model is new to Ireland but has existed in other countries for some time. The only lenders in Ireland currently offering 15 year+ fixed mortgages at the moment are Avant Money, and Finance Ireland. Both of these lenders are broker only.

At Mortgage123, we are proud to be part of an exclusive club who can avail of these innovative mortgages from Avant Money and Finance Ireland.

Apply for a long-term fixed rate mortgage now!

So, what are you waiting for? Now, Avant Money mortgages are accessible through their broker network in Ireland. We are delighted to be part of this exclusive club. At Mortgage123, we can give you the best quote for you.

Long-term fixed rates may not be for everyone, but a good broker will guide you through your options.

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