Key Post Green mortgage rates

[Brendan Burgess]

Warning: This thread has not been updated

I want to compile the green rates in one thread.
As far as I can make out, they are all for B3 or higher.

But check out this thread as other lenders' standard mortgages may be cheaper:

Best Buy - Which lenders have the lowest mortgage rates? (Updated April 2023)

While I wrote the original post on this, Paul F has edited it and made it far easier to read and has kept it updated. Brendan You (or your broker) should apply to two or three of the cheapest lenders simultaneously. It might take some time for your loan offer to materialise, and today's Best...

www.askaboutmoney.com

AIB

<50% 2.1%

<80% 2.15%

>80% 2.25

Switchers get €2,000

Haven

4-year fixed, all LTVs: 2.0%

€2,000 cashback (but €5,000 cashback not available on this product)


EBS
4-year fixed: 2.1%

Cashback does not apply.


Moderator's note: the interest rates given in this post relate to June 2022. They may no longer be correct. See the Lowest Mortgage Rates thread for up-to-date rates.

 

[Brendan Burgess]

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.

 

[Paul F]

And with Bank of Ireland it appears that you won't even be eligible for the 0.3% discount again once your first fixed-rate period ends:

At the end of your initial fixed rate period you can choose from the normal interest rate options available to existing customers at that stage.

The other lenders who offer green rates don't (currently) have this restriction.

 

[Brendan Burgess]

Hi Paul

Well spotted. So it's only a green mortgage for new customers.

It turns to red after the initial fixed rate period is over.

Brendan

 

[SCurry]

Ulster Bank requiring B2 or better for their 4 year 2.25%. I know they are exiting but they are an option for switching rate on a current Ulster Bank mortgage. Had reason to look at this recently as my current UB fixed is expiring.

 

[chewyluey]

Would the Haven 2k cashback apply to second time buyers or only to mortgage switchers? Their Web site says :

"Customers who switch their mortgage to Haven and take the Haven Green 4 Year Fixed Rate Mortgage will receive a €2,000 cash offer towards legal costs (subject to criteria)"

 

[Paul F]

Would the Haven 2k cashback apply to second time buyers or only to mortgage switchers? Their Web site says :

"Customers who switch their mortgage to Haven and take the Haven Green 4 Year Fixed Rate Mortgage will receive a €2,000 cash offer towards legal costs (subject to criteria)"

It looks like you would not be eligible for the cashback if you are moving home – see this flyer:

This offer is available for customers looking to move their principal Private Dwelling House (PDH)
mortgage from their current lender to Haven without moving property.

But you are eligible for Haven's green rate (a 4-year fixed rate of 2.0%) if the BER of the new home is B3 or better.