Haven has become the fourth lender in Ireland to begin offering a green mortgage, following in the footsteps of AIB, Bank of Ireland, and Ulster Bank. The new rate of 2.15% is available to both new and existing Haven customers.
Green mortgages have become increasingly popular among homeowners over the last number of years, particularly for those looking to secure a low interest rate.
In fact, according to AIB, green mortgages made up 14% of home loan drawdowns with the bank last year.
There are already a number of lenders in Ireland who offer so-called green mortgages - and now you can add Haven to that list!
The mortgage lender has just launched its first green mortgage; a four-year rate of just 2.15%, which is one of the lowest in the market. The lowest rate on offer from Haven before this announcement was 2.55%, so a big reduction of 0.4%.
For those considering applying there are, of course, a few conditions that need to be met in order for you to be approved, so read on for the full details.
But first...
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 do I need to apply for a green mortgage with Haven?
In order to be eligible for Haven’s new green mortgage, new and existing customers' properties must have a Building Energy Rating (BER) of B3 or higher.
Customers must also have a valid BER certificate that’s no more than 10 years old.
If you’re an existing Haven customer and would like to apply, you must have at least four years remaining on your mortgage to qualify.
However, the new rate is only available to customers who apply through an appointed mortgage broker.
The new mortgage rate is a great opportunity for those who have moved into a new home with an energy rating between A1 and B3 to save on their repayments, or for those who have made home energy improvements with a recent retrofit.
Speaking about the news, Haven Managing Director Kieran Tansey said:
Haven’s new Green Mortgage offers customers substantial savings on their monthly mortgage repayments compared with variable rates. We’re making this new Green Mortgage rate available to new and existing customers who will see the benefit of their green homes in their wallets.
Haven’s Green Four Year Fixed Rate Mortgage will also provide customers with greater repayment certainty and the opportunity to fight climate change by reducing their personal carbon footprint.
The new green rate from Haven will be available from July 8th.
Good news for switchers
The new green mortgage from Haven also provides €2,000 cashback to switchers if they change to the new rate, providing a great opportunity to recoup any legal switching costs.
The cost of switching mortgage can set switchers back anything from between €1,200 and €1,500 but this shouldn’t prove to be a disincentive with this cashback deal.
Read our blog on the costs associated with switching your mortgage for more information.
Haven is also offering a larger cashback sum of €5,000 where customers choose a different interest rate, separate to its green rate of 2.15% above.
The €5k cashback deal is open to first-time buyers, movers and switchers alike, however homeowners must also be borrowing €250,000 or more to claim the higher cashback sum.
Here’s what you could save with Haven’s Green Mortgage
Let's say you currently have €250,00 left on your mortgage and 20 years remaining. If you moved from Haven's 3.15% variable rate to its new 2.15% green rate you could save €122.80 each month or €1,473.60 annually.
See below for a better look at some of the other mortgage rates Haven has to offer.
|
Term |
Rate |
|
1 Year Fixed |
3.15% |
|
2 Year Fixed |
3.15% |
|
3 Year Fixed |
2.55% |
|
4 Year Fixed |
2.85% |
|
4 Year Green |
2.15% |
|
5 Year Fixed |
2.55% |
|
7 Year Fixed |
3.15% |
|
10 Year Fixed |
3.30% |
|
Variable |
3.15% |
You can browse Haven’s rates on bonkers.ie today, including its 10 year fixed rate.
Bank of Ireland also expanding green mortgage offering
Rival lender Bank of Ireland (BOI) has also recently announced plans to expand the availability of its green mortgage for customers.
Previously, if customers had a BER of A3 or better they were eligible. However, now customers with a BER of B3 or higher can apply.
The bank’s green mortgage currently offers a 0.2% discount off its fixed rate mortgages on terms of one year up to 10 years.
Over €1 billion has been drawn down by borrowers since Ireland’s first green mortgage was launched in 2019, according to the bank.
For the first time BOI will also make its green mortgage available to customers who are switching from another lender, as long as the BER of their property is B3 or better.
You can browse Bank of Ireland’s mortgage rates on bonkers.ie here.
Use our mortgage calculator
Are you considering applying for a mortgage? If you’re in the process of getting your foot on the mortgage ladder or if you’re considering switching to a new lender make sure to use our mortgage calculator for the most accurate comparisons across all lenders in Ireland.
When it’s time to apply for your mortgage, you can submit an online enquiry through our new mortgage broker service and one of our experienced financial advisors will call you back to get your application started.
You’ll be happy to hear that our mortgage broker service is entirely free and is fully digital from start to finish, meaning everything can be carried out online from the comfort of your home. And it's completely paper-free too!
To find out more about our mortgage broker service, see here and to learn about how your mortgage application will be assessed, take a look at this guide.
Looking for help?
If you’re looking for more information and top mortgage tips, take a look at some of the following:
- See our guide here on how to compare mortgages on bonkers.ie.
- If you’re wondering about whether cashback offers are good value check out this explainer.
- We also explain mortgage interest rates here if you need any more information.
- To improve your chances of a successful mortgage application, you’ll likely want to minimise mistakes as much as possible in the run-up to applying. Here are 9 common mistakes to avoid when applying for a mortgage.
If you have any mortgage-related questions, we’d be happy to help. Feel free to comment below or reach out to us on social media. We’re on Facebook, Twitter and Instagram.
