On the contrary, a bank builds a financial product in a similar way to a car manufacturer builds a car. They will try so far as possible to lock down the financing for the product and the income stream at the point of sale, just like a car dealer. So yes products created and sold during periods when financing cost were high will cost more than ones created and sold during periods when financing is cheap. There is nothing new in this and Ireland is not some kind of special case! It's the same in Germany or Switzerland for that matter, I pay a higher mortgage rate than my neighbour because I financed several years ago, where as he only took out his loan last year. That is just how it is.