Non-bank lender Finance Ireland is launching a range of long-term fixed rate mortgages for homeowners in Ireland, with options up to 20 years available.
The company, which entered the residential mortgage market in 2018, will also offer 10 and 15-year fixed rate mortgages, with rates ranging from 2.40 per cent to 2.99 per cent, depending on the loan to value and the period.
The maximum term of 20 years is twice as long as currently available to Irish mortgage customers.
The rates will be available for up to 90 per cent loan to value mortgages, and customers will be able to move their mortgages to new properties during the term without incurring penalties, Finance Ireland said.
“I’ve been involved with the Irish mortgage market for over 30 years and I believe that this is one of the most significant innovations made here in that time,” said chief executive Billy Kane.
“We’ve been working on the introduction of longer dated fixed rates for some time now in order to allow customers benefit from the historically low interest rates now available.”
Finance Ireland entered the home loans market in late 2018 after it bought Pepper Money’s €200 million home loans portfolio and mortgages platform, with UK asset manager M&G Investments providing the funding.