The AIB subsidiaries are both cutting their fixed rates. It follows numerous interest rate reductions by the European Central Bank over the past year.
In more good news for mortgage holders — and those hoping to become one — both EBS and Haven are cutting their mortgage rates and extending their popular cashback offers.
From Thursday 24th July, both lenders will reduce their non-green fixed mortgage rates by up to 0.50 percentage points, with several rates now dipping below the 4% mark.
The reductions will see the average first-time buyer save up to €80 or €90 a month.
Mortgage rates in Ireland have fallen significantly over the past year as the European Central Bank has cut interest rates eight times since last June in response to falling inflation and weak economic growth.
For now the lenders’ green rates as well as their variable rates remain unchanged.
What are the new rates?
Here’s how the updated rates compare across both lenders:
|
EBS fixed rates |
New rate |
Previous rate |
Reduction |
|
1 Year |
3.85% |
4.05% |
-0.20% |
|
2 Year |
3.90% |
4.40% |
-0.50% |
|
3 Year |
4.30% |
4.50% |
-0.20% |
|
5 Year |
4.40% |
4.60% |
-0.20% |
|
Haven fixed rates |
New rate |
Previous rate |
Reduction |
|
1 Year |
3.85% |
4.05% |
-0.20% |
|
2 Year |
3.95% |
4.15% |
-0.20% |
|
3 Year |
3.75% |
4.25% |
-0.50% |
|
5 Year |
4.15% |
4.35% |
-0.20% |
|
7 Year |
4.35% |
4.55% |
-0.20% |
|
10 Year |
4.45% |
4.65% |
-0.20% |
Who are the new rates available to?
These rates are available to first-time buyers, movers and switchers. And not just new customers either. If you’re already with EBS or Haven and your fixed term is ending soon, you may be able to roll onto one of these lower rates.
Extended switching offer
As well as lowering their rates, EBS and Haven have extended their cashbacks offers until the end of 2026.
EBS offers first-time buyers, movers and switchers up to 3% cashback on most of its fixed-rate mortgages: 2% after drawdown and an additional 1% in five years’ times.
While Haven offers €5,000 cashback to first-time buyers, movers and switchers who take out a fixed-rate mortgage of €250,000 or more, and €3,000 to switchers who can't avail of the €5,000 offer.
So if you took out a €300,000 mortgage with EBS, you could get €6,000 tax-free after you draw down your mortgage and another €2,000 in five years.
You can learn more about the cashback on offer from various mortgage lenders here.
Are these rates good value?
Falling interest rates and the lure of tax-free cash are certainly appealing — especially if you're a first-time buyer juggling legal fees, stamp duty and new furniture costs.
But it’s important to compare the market and shop around. Depending on the size of your mortgage and the energy rating of the home you’re buying, lower rates may be available from other lenders, though these may not come with cashback. So you'll need to weigh up your options. But that's where bonkers.ie can help...
It’s critical we offer a wide variety of choice, value and convenience for customers seeking to buy their home, or switch their mortgage. The reductions of up to 0.50% will help customers save on their monthly repayments. Customers will also be able to avail of our Cashback and Switcher offers.
Paul Butler, Managing Director of EBS and Haven
Get your mortgage with bonkers.ie
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 different lender, remember that bonkers.ie is here to help. We're more than just a comparison service!
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