Finance Ireland Reduce Mortgage Interest Rates

Oates Breheny Group is an approved broker for all lenders in the Irish mortgage market and is pleased to report that Finance Ireland has reduced interest rates for three and five-year fixed rate mortgages in a response to lower market funding rates in recent weeks.

The move sees all three and five year fixed rate mortgage products cut by 0.45%. The new lower rates will apply to drawdowns taking place on or after Thursday 22nd February.

This development will bring rates down to 5.55% on a five year fixed loan with a loan to value ratio of 60% or less, while the lowest three year fixed mortgage rate will be 5.75% for a 60% or less LTV.

Finance Ireland is also launching a new 7-year fixed rate product from February 22nd, with rates starting at 5.35% for customers with a Loan to Value (LTV) of less than 60%.

Non-bank lenders, like Finance Ireland, are more exposed to the effects of rising rates on wholesale and bond markets as they source all their funding from there because they don’t have deposits to lend out, unlike the main banks.

Talk to us to find out more on 071 9194194 or email mortgages@obg.ie