Intermediary

Exciting New Fixed Rates and Credit Policy Changes

24 November 2020

We are delighted to introduce further changes to our Credit Policy including enhancements to Macro Prudential limits in FTB and SSB segments.

Credit Policy Changes:
  • Internal income multiples increased for sub 80% LTV business
  • Residential SSB LTV business increases from 80% to 90% LTV, subject to toolkit qualification for a Macro Prudential exception
  • FTB DSR reduced on 80%+ LTV business
  • Straight Switcher returns to up to 90% LTV

New fixed mortgage rates from 26th November:

We are implementing changes to our fixed rates for applications from 26th November 2020. 

We will now have three levels of fixed rate for each term length, as per the table below.

We have also reduced the minimum loan size requirement to €250k on our High Value 5 year fixed rate of 2.20%, making it available to more of your customers.

Product

LTV up to 60% LTV up to 80% LTV up to 90%
2 year fixed (until 31/12/2022) 2.20% 2.25% 2.40%
Green 4 year fixed (until 31/12/2024) 2.25% 2.35% 2.45%
4 year fixed (until 31/12/2024) 2.35% 2.45% 2.55%
5 year fixed (until 31/12/2025) 2.35% 2.45% 2.55%
5 year fixed High Value (€250,000+) (until 31/12/2025) 2.20% 2.20% N/A
7 year fixed (until 31/12/2027) 2.80% 2.95% 3.15%
10 year fixed (until 31/12/2030) 2.80% 2.95% 3.15%

What are our key messages?

  • We have the lowest 4 year and 10 year fixed rates in the market, and our 2 year fixed rate is best up to 80% LTV
  • We offer a Green 4 year fixed rate starting at 2.25%
  • Our 5 year fixed High Value rate will now be available to more customers, as we have lowered the minimum loan size threshold from €300k to €250k
  • And we still offer other great benefits:
  • €1,500 cash contribution on all new mortgages to help with the customer’s legal fees
  • Free valuations on all new mortgages
  • 10% annual over payment allowance on fixed rates giving flexibility to get mortgage-free quicker
  • All rates are available to both existing and new customers

If you have any further questions in relation to these changes, in particular where your pipeline customers may wish to avail of the new rates, please contact your Relationship Manager.

Best Regards

Donal Moran

Head of Broker Operations and Risk