As competition in the mortgage market heats up, Haven has just announced that it’s cutting its seven and 10-year fixed mortgage rates.
As competition in the mortgage market heats up, Haven has announced that it’s making some big cuts to some of its fixed mortgage rates.
Just earlier this week, it was reported that mortgage rates in Ireland are at their lowest level in years and it seems as though this downward trend is continuing.
Haven, a subsidiary of AIB, has announced today that it’s cutting interest rates on its seven and 10-year fixed-rate mortgages for both new and existing customers, allowing mortgage holders to save money on their monthly repayments.
However before we jump into the details, let’s have a reminder of who Haven is.
Who is Haven?
Haven is a wholly-owned subsidiary of AIB that focuses exclusively on mortgage lending through the broker market.
It offers a range of competitive fixed and variable rates to first-time buyers, movers and switchers.
What are the new rates?
Before the change was announced, the interest rate on Haven’s seven-year fixed mortgage was 3.15%, however the new rate means this will be reduced to 2.65%.
Similarly, the rate for Haven’s 10 year fixed rate has been reduced from 3.30% to 2.85%.
Both changes come into effect from November 11th.
| Rate | Previous | New | Reduction |
| 3-year fixed | 2.55% | 2.55% | N/A |
| 5-year fixed | 2.55% | 2.55% | N/A |
| 7-year fixed | 3.15% | 2.65% | -0.50% |
| 10-year fixed | 3.30% | 2.85% | -0.45% |
Who are the new rates available to?
You’ll be happy to hear that the reduced rates are available to both new and existing mortgage customers of Haven.
Also, while many mortgage lenders reserve their best rates for those with larger deposits or higher amounts of equity, Haven will apply the same rate to everyone regardless of their loan-to-value (LTV) ratio.
What are the savings?
A customer who takes out a mortgage with Haven of €285,000 over 25 years and chooses the new seven-year fixed rate of 2.65% will have a monthly repayment of €1,300.
This equates to a saving of €74 a month or €888 a year for seven years, when compared to the previous rate of 3.15%.
Along with the new reduced rates, Haven is also offering new customers - either those who are first-time buyers, buying their next home, or switching mortgages - €5,000 cashback on fixed-rate mortgages of €250,000 or more until December 2022.
If you’re a switching customer, but you don’t meet the criteria for the €5,000 cashback offer, you can still avail of €2,000 towards the cost of switching.
You can learn more about cashback offers in our helpful guide.
Long term certainty
Speaking about the lower rates, Haven’s Managing Director Kieran Tansey said:
“At Haven we’re committed to unlocking value for both our new and existing customers. We are providing homeowners and first-time buyers with better value and the long term certainty of a fixed-rate mortgage with our new reduced seven and ten year fixed rates.”
Haven’s reduced rate provides customers with certainty on their repayments for a longer period, while also lowering their monthly mortgage repayments.
Green mortgage offering
Back in July, Haven introduced its first green mortgage with a rate of just 2.15%, which is one of the lowest on the market.
To be eligible for the green mortgage, new and existing customers' properties must have a Building Energy Rating (BER) of between A1 and B3.
This is a good option for those buying energy-efficient homes or for those who have made home energy improvements with a recent retrofit.
Compare mortgage rates on bonkers.ie
Are you a first-time buyer or a mortgage holder looking to switch lenders to avail of a cheaper rate?
With our mortgage calculator, you can easily compare interest rates, loan terms, mortgage offers and cashback incentives from all of Ireland’s mortgage lenders, including Haven.
When it’s time to apply for your mortgage, you can submit an online enquiry through our free mortgage broker service and one of our experienced financial advisors will call you back to get your application started.
Our mortgage service is fully digital from start to finish, meaning everything can be carried out online from the comfort of your home!
Don’t forget that if you’re applying for a mortgage, you’ll also need mortgage protection insurance and home insurance, but don’t worry we’ve also got you covered there too!
You can use bonkers.ie to compare insurance quotes and sign up to a policy in under an hour.
Get in touch
What do you think of Haven’s reduced fixed-mortgage rates? Do you think more lenders will lower their interest rates? We’d love to hear from you in the comments below!
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