How to Compare Irish Mortgage Rates
- There are a few comparison websites available for Irish consumers that try and keep up to date with mortgage rates for quick comparison. (See Resources.)
- An annuity mortgage is common. This consists of a monthly payment of some of the balance and an interest payment. These can be fixed-rate or variable-rate. Fixed rates mean your repayments will not rise for a set time but also will not fall. Variable-rate mortgages depend on fluctuating interest rates set by the European Central Bank (ECB).
Interest-only mortgages are available but are more expensive as the balance is not being paid off by repayment. Finally there are Offset Mortgages which take available money from your current account to repay the mortgage which can be higher interest but pays off mortgages quicker.
(See Reference Two) - If you think ECB interest rates will fall, variable-rate mortgages could be a good bet. Fixed-rate mortgages are a safe bet in case ECB rates rise.
Longer term mortgages such as thirty-year ones, even with lower interest rates, generally work out more expensive than shorter term mortgages of twenty or twenty-five years. - Most financial institutions offer quick mortgage rate quotes online. Check these and see a mortgage adviser in person. Ask her to lay out the monthly repayments and the full term repayments in order to see how much interest you will repay over the life of the mortgage.