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A Green Mortgage is a mortgage with a discount because your home is more energy efficient. Green mortgages have been around for a number of years now and are offered by the three main Irish Banks, Bank of Ireland, AIB and PTSB.

PTSB launced a new 3 Year fixed rate green mortgage in March 2024 with the rates ranging from 3.8% to 4.35% depending on the mortgage amount and LTV (loan to value) of the mortgage. The 3 year fixed rate is only available to new mortgage customers however they do also have a 5 year fixed rate green mortgage with rates ranging from 3.95% to 4.3% again depending on the loan size and LTV.

AIB and its subsidiaries EBS and Haven also announced recent reductions to their gree mortgage rates. They now have the lowest green fixed rate mortgage on the Irish market starting at 3.45%. The green rates are available to First time buyers, movers and switchers and are available to new and exiting customers.

Bank of Ireland and its Broker subsiduary, BOI Mortgage Store, has also recently announed a new range of green discounted fixed rate mortgages. With its Echo Saver mortgage Bank of Ireland is offering a range of discounts from 0.35% for A rated homes down to a 0.05% discount for G rates homes.

Why are Irish Mortgage lenders focused on Green Mortgages?

Having a high percentage of quality energy efficient homes on their mortgage books makes them more sound and robust. New and higher energy rated homes should hold their value and be more economical in the long run for mortgage cusotmers.

So how do I get one?

To qualify for a green mortgage you need to have a valid BER Certificate issued by a qualified BER assessor. The best discounts are available to homes with a BER of B3 or higher. However Bank of Ireland is now also offering smaller discounts to those with a BER as low as G.

Navigating the options and requirements for a green mortgage can be complex. Discover how a mortgage broker can assist you through this process, making it simpler and more understandable.

A good BER assessor will provide you with an energy rating and a list of works you need to carry out to improve your homes BER rating. For example insulation, better heating system and windows ect.. A full list of registered BER assessors is available on the SEAI website https://www.seai.ie/home-energy/building-energy-rating-ber/

If you have any questions on Green mortgages or need to make a mortgage application please get in touch and one of our experienced MortgageLine Advisers will be happy to help.

 

Stephen Hamilton

Stephen Hamilton offers expert mortgage insights and solutions, empowering you to make informed financial decisions.