The Irish mortgage market is currently experiencing significant activity with numerous rate cuts and switcher incentives. In recent weeks Haven Mortgages reduced some of their mortgage rates, while Bank of Ireland introduced a new set of fixed rates based on the Building Energy Rating (BER) of properties as opposed to the Loan-to-Value ratio.

Avant Money and PTSB have also joined the trend. Avant Money has not only reduced its rates but also launched a new cashback incentive for mortgage switchers. And most recently, PTSB announced significant rate cuts across its fixed-rate mortgage products.

These rate cuts and the increase in switcher offers available in the market signal rising competition in the Irish Mortgage market, which is great news for mortgage holders. If your current fixed-rate mortgage is nearing its expiration and you're looking to review your mortgage and find a better rate, now is the perfect time to consider switching your mortgage.

 

Avant Money Update

 

Rate Cuts

Avant has cut its fixed rates by up to 0.45% for first time buyers, movers, and switchers. With this change, its fixed rates now start from 3.60%, which is the lowest non-green rate on the market. The new rates came into effect on 3 May and can save the average first time buyer up to €60 per month.

Here are the new rates:

Product	LTV less than or equal to 80%	LTV greater than 80%
3-Year Fixed	3.70%	3.95%
4-Year Fixed	3.60%	3.80%
5-Year; 7-Year; 10-Year Fixed; One Mortgage	3.80%	3.95%

 

Switcher Offer

Avant Money has introduced a new cashback offer for mortgage switchers, offering 1% of your mortgage back in cash. For instance, you would receive €3,000 in cash on a mortgage switch of €300,000.

To avail of this offer, you would have to switch to Avant and draw down your new mortgage between 3 May and 29 November 2024. Additionally, the minimum mortgage amount required to qualify is €100,000.

Remember, switching your mortgage comes with legal costs that can total up to €1,000, so this cashback offer can help you cover these costs.

 

PTSB Update

 

PTSB announced reductions to its standard three-year fixed-rate mortgage products for new and existing customers by up to 1.05%. In addition, it has announced a series of reductions across its fixed-rate mortgage offerings, over terms from two to seven years. The lender has also said it will reduce its three-year Green fixed rates starting from 3.5% for Laon-to-Value (LTV) of 0-60% for mortgages of €250,000 or higher.

These rates reductions mark the third set of cuts to its fixed-rate mortgages since December 2023, and the new rates will be available from the end of May.

The new rates are as follows:

Product	LTV: 60% - 80%	LTV: less than 60%	LTV: 80% - 90%
3-Year Fixed	3.80%	3.70%	4.50%
3-Year Fixed (mortgages of €250,000 or more)	3.70%	3.60%	4.25%
3-Year Fixed Green Mortgage (BER A1 to B3)	3.70%	3.60%	4.25%
3-Year Fixed Green Mortgage of €250,000 or more (BER A1 to B3)	3.60%	3.50%	4.05%

The following are the additional changes introduced:

Product	Reduction
2-Year Fixed	Up to 0.25%
4-Year Fixed	Up to 0.15%
5-Year Fixed	Up to 0.60%
7-Year Fixed	Up to 0.35%

PTSB has said that the latest cuts reflect its commitment to providing good value for existing customers, coupled with strong competition for new customers in the Irish mortgage market.

 

Switching Made Simpler!

Switching your mortgage is simpler than getting your first mortgage. The process is more streamlined, and lenders like Avant Money and PTSB have reduced document requirements for mortgage switchers.

 

Avant Money Required Documents:

• One recent payslip (if paid monthly) or two recent payslips, or business accounts if you are self-employed
• Your most recent Employment Detail Summary
• 6 months' worth of current account statements
• Your salary certificate is generally not required unless variable income is needed for affordability or you've been employed for less than 12 months.

 

PTSB Required Documents:

If you are an employee:

• Your Employment Detail Summary and 2 of your last 3 payslips
• Your personal bank account statements for the past 6 months
• A salary certificate is no longer required, unless your affordability is also based on variable income.

If you are self-employed:

• Your audited/certified accounts from the 2 most recent years
• Personal and business bank statements for the past 6 months
• Confirmation from your accountant that your tax affairs are up to date; of your current year earnings; and that no significant changes have occurred in your business since the date of the last accounts.

 

With these offers, as well as the rate cuts other lenders have recently introduced, the market is full of options. Assess your switching options with our Switching Mortgage Calculator and we'll help you find the rate that's best for you.

Contact us today for your mortgage switching needs.