Here is the press release
Finance Ireland launches 20-year fixed rate mortgage
* Twice the length of longest fixed rate currently available
* Rates from just 2.60% (2.66% APRC)
* Range of terms and options give unprecedented flexibility
Thursday 13th May 2021. Finance Ireland has announced a major innovation for the Irish mortgage market. The company – which entered the residential mortgage market in 2018 – has launched a range of long dated fixed rate mortgages for owner occupiers.
The maximum term of 20 years is twice as long as currently available to Irish mortgage customers. It will mean that many home buyers may be able to have a fixed rate for the full term of their mortgage.[1]
The fixed rate terms launched today are for periods of 10, 15 and 20 years. The fixed rates range from 2.40% to 2.99% (APRC: 2.58% - 3.06%) depending on Loan to Value (LTV) and the fixed term period. A 20 year fixed rate mortgage for up to 90% of the value of the home is priced at just 2.99% (APRC: 3.06%).
Finance Ireland has developed these products in conjunction with their long standing residential mortgage funding partners M&G Investments. The mortgages have a range of unique features never available to Irish mortgage customers before.
4 Key Features:
Unprecedented fixed rate periods
The fixed rate terms available are for 10,15 and 20 years and for mortgages up to 90% LTV. Currently, the longest fixed rate available in the Irish market is 7 years with a handful of providers offering a term of 10 years but capped at an LTV of 80%. The Finance Ireland fixed rates are available for up to 90% LTV mortgages.
Rate portability
Customers can move their mortgage to a new property during the term of the fixed rate without incurring any penalty – subject to normal underwriting.
Overpayments allowed
Customers will have the option to pay back a lump sum of up to 10% of their outstanding mortgage balance, without penalty, in each year of the fixed term.
Reducing rates as LTV improves
The fixed rate will decrease as the loan is paid down versus the property value. LTV (loan-to-value) driven reductions to a customer’s fixed rate will be downward only – rates will never increase even were there to be a deterioration in house value versus loan outstanding