People looking for a mortgage are being warned not to be tempted by special offers from banks which may be masking a higher interest rate.
It comes as the country’s largest lender, AIB, announced a drop in rates starting Monday.
The mortgage rate drop has been welcomed with other lenders now under pressure to follow suit.
However, Aine Carroll from the Competition and Consumer Protection Authority said people need to look closely at 'special offers':
"Park those special offers and compare the mortgages first just based on the rate, have a look at what the overall cost of credit is," she said.
"That's actually what it is going to cost you over the lifetime of the mortgage. Then factor in the special offer because obviously cash now is very attractive," she added.