AIB, EBS and Haven cut their green mortgage rates
Daragh Cassidy
Head Writer

The move comes on the back of increasing competition in the mortgage market and could see the average mortgage holder save almost €400 a year.

AIB, and its subsidiaries EBS and Haven, are reducing their green mortgage rates while also increasing the cashback on offer to switchers.

From today (April 8th) the lenders are cutting their green rates by 0.20 percentage points. 

Following the reductions, a rate as low as 3.45% will now be available from AIB and Haven, which is the best rate in the entire market. 

Mortgage rates in Ireland have increased significantly over the past two years as a result of a big hike in interest rates from the European Central Bank (ECB) which has been attempting to rein in inflation. 

However rates have begun to ease slightly in recent weeks in advance of expected rate cuts by the ECB later in the year. 

For example, PTSB cut its four-year fixed rate last month by up to 0.30 percentage points for new customers while non-bank lender Finance Ireland also cut its rates at the start of March. And Bank of Ireland has just introduced a new, flat variable rate of 4.15% for all customers regardless of the loan-to-value ratio whereas previously it was as high as 4.75% in some cases.   

Here's a look at the new green rates on offer from AIB, EBS and Haven:

Rate Type 

Current Rate

New Rate

AIB Green 5-Year Fixed Rate – LTV <50%



AIB Green 5-Year Fixed Rate – LTV 50% - 80%



AIB Green 5-Year Fixed Rate – LTV 80% - 90%



EBS Green 4-Year Fixed Rate



Haven Green 4-Year Fixed Rate



Who are the new rates available to?     

The rates are available to first-time buyers, movers and switchers with a home that has a building energy rating or BER of B3 or better.

And they’re available to existing customers as well as new customers.

So if you’re currently on a fixed rate with any of these lenders that’s due to end shortly, you can roll over onto one of these new green rates (provided you’ve at least five years remaining on your mortgage and have the required BER rating).   

And if you've recently carried out renovations to your home which has improved your BER then you may also qualify.   

Unfortunately all the lenders' non-green rates remain unchanged for now. So if you don't live in a home with a high energy rating then you'll probably be disappointed with today's news. However there may be more rate cuts from AIB and all the other lenders later in the year...  

I would encourage customers to check if they are eligible for a cheaper rate, particularly those who have carried out retrofitting work on their homes to improve the energy rating to between A1 and B3. Reducing our Green Mortgage rates aligns with our strategy to further green our loan book as we support customers to make more sustainable choices.

Geraldine Case, Managing Director, Retail Banking at AIB 

More rate cuts to come?

The past two years have seen mortgage rates increase quite significantly in Ireland. However it looks as if the worst is definitely behind us. 

It’s highly likely the ECB will start to cut interest rates sometime later this year given the recent big fall in inflation. Probably from around June or July. And rates could be cut by up to one percentage point in total by the end of the year. 

Tracker customers will benefit almost immediately from any ECB cuts. 

For everyone else, it’s a bit less clear. 

The main lenders have passed on less than half of the ECB rate hikes to date. So the likes of AIB, Avant Money, Bank of Ireland or PTSB may not respond to any rate cuts by the ECB immediately. 

However recent developments show that competition is heating up again so the banks might hopefully respond sooner, rather than later, to any upcoming ECB cuts, which will no doubt be welcome news to those who are hoping to buy sometime soon or who are looking to re-fix. 

Improved switching offer

As well as lowering their rates, AIB, EBS and Haven have improved the cashback on offer to switchers.  

AIB is now offering switchers €3,000 back in cash (up from €2,000 previously). And EBS is offering switchers who choose its green four-year rate, which is its lowest rate, €3,000. EBS's 3% cashback offer still applies to first-time, movers and switchers on most of its other rates. 

And Haven is offering switchers €3,000 too. 

You can more about the cashback on offer from mortgage lenders here.

Get your mortgage with

If you’re hoping to get your foot on the property ladder over the coming year, or are looking to save money by switching to a cheaper rate with a different lender, can help. 

Use our free mortgage calculator to easily find the best interest rates and cashback incentives from all of Ireland’s mortgage providers.

And when it’s time to apply for your mortgage, you can submit an enquiry through our free mortgage broker service and one of our experienced financial advisors will call you back to get your application started. We'll guide you through your entire mortgage journey from application to drawdown and can help you with getting mortgage protection and home insurance too.

And the best news is that our service is entirely free and fully digital from start to finish, meaning everything can be done online from the comfort of your home! 

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