AIB Offers Ireland’s Lowest Mortgage Rates with New Green Fixed Products

AIB, Ireland’s leading bank, has introduced two compelling new green fixed mortgage products, touted as the nation’s lowest available rates. Notably, these offerings underscore AIB’s dedication to sustainable living and support customers transitioning to a low-carbon future.

Why Choose AIB’s Green Mortgages?

With these innovative fixed-rate options, AIB aims to make eco-friendly homeownership more accessible. Here’s a breakdown:

• A green three-year fixed rate is available for homes with a Building Energy Rating (BER) between A1 and A3, starting from 3%.
• A green two-year fixed rate caters to homes with a BER between A1 and B3, starting from 3.15%.

Both new rates are open to both new and existing customers, effective Saturday.

Significant Savings on Offer

Customers can expect substantial savings compared to longer-term green fixed rates:

• A €300,000 AIB green three-year fixed rate mortgage (loan-to-value over 80%, 25-year term) comes with a monthly repayment of €1,453. This translates to an annual saving of over €380 compared to the five-year fixed rate.
• A €300,000 AIB green two-year fixed rate mortgage (same terms) boasts a monthly repayment of €1,477. This results in an annual saving of over €95 compared to the five-year fixed rate.

Bonus for Switchers

Switcher customers who meet the criteria and opt for these fixed rates will further benefit from AIB’s enticing €3,000 switcher cash offer.

Increased Approval Flexibility

AIB has also extended its approval in principle period, now granting customers a full 12 months to find their ideal home, instead of the previous six months.

Rising Irish Mortgage Lending

Recent data from the Banking and Payments Federation Ireland suggests a positive trend in Ireland’s mortgage market. New mortgage lending value experienced a 7% year-on-year increase in the third quarter, marking the strongest performance since the beginning of 2023.

Expert Insights

Dermot O’Leary, chief economist at Goodbody, highlighted the notable rebound in re-mortgaging activity, surging by 28% and ending six consecutive quarters of annual decline. He believes falling mortgage interest rates are a key driver of this trend, predicting its continuation as borrowers anticipate further rate cuts.

Conclusion

With these attractive green fixed rates, extended approval periods, and a buoyant mortgage market, AIB offers a compelling proposition for Irish homebuyers seeking to combine value, security, and sustainable living.

Learn more about AIB’s green mortgage products and see if you qualify today.