If you opt for a Bank of Ireland or permanent tsb mortgage, you must be very wary of what happens when the fixed rate is over. Neither allows existing customers to apply for their "new business" rates, and BOI does not allow existing customers to apply for their green mortgage rate discounts – so when the fixed rate period is up, you will be stuck with the very high rates they charge existing customers.
Bank of Ireland
Green Mortgage Fixed Interest Rate
The Green Mortgage fixed interest rate is a discount (reduction) of 0.30% that we apply to our standard mortgage loan fixed rates. The Green Mortgage fixed interest rate is available to you if you are buying a property that has a Building Energy Rating (BER) of B3 or better or are borrowing to build or up-grade your home so that it has a BER rating of B3 or better or if you are switching your mortgage loan to us from another lender, AND you draw down your new mortgage loan prior to 31 December 2022. Click
here for full details and terms and conditions.
The 3% cashback is available
provided that you are borrowing less than €250,000.
BOI's cheapest rate is 2.2% for 4 years for a mortgage in excess of €250,000. This does not get cashback.
So the 0.3% discount brings it down to 1.9%.
This is not attractive, as you will be stuck with the very high rates when the fixed-rate period is up.
Permanent TSB
5 years, all LTVs: 2.8% (with 2% initial cashback and 2% monthly cashback)
>€250k, <80% 5 years: 2.35% (with 2% initial cashback and 2% monthly cashback)
>€250k, >80% 5 years: 2.65% (with 2% initial cashback and 2% monthly cashback)
Existing customers: 5 years, all LTVs: 2.8% (no cashback)
Moderator's note: the interest rates given in this post relate to June 2022. They may no longer be correct. See the lenders' own websites for up-to-date rates.