Finance Ireland has today formally launched a series of mortgage products for the mainstream mortgage market. Mortgages will be distributed through brokers.
The offering looks to be loan-to-value (LTV) based, with customers able to access lower rates from lower LTVs once they provide a new property valuation from an approved panel of valuers.
Finance Ireland will also offer 3, 5 and 7 year fixed rates, with the lowest rate starting at 2.55% (<60% LTV). Finance Ireland has also noted that it may on occasion offer First Time Buyer's (FTB) LTVs that may exceed 90% and movers LTVs that are over 80%, subject to the Central Bank limits.
Finance Ireland’s mortgages offer lower variable rates than the wider market for most players, though in line with AIB (whose main product offering is variable rates). Its variable rates are in line with the fixed rate offerings of most market participants – lower than those with cashbacks (but then they have the cashbacks) and in line with those that don’t offer cashback (like KBC). Its fixed rates look to be also in line with the banks that don’t offer cashbacks.
According to Goodbody Stockbrokers, "Customers will undoubtedly welcome the prospect of another player into the mortgage market. Though has been heavily flagged by Finance Ireland itself in recent months, the Finance Ireland rates are essentially in line with other rates on offer in the market."