What are my interest rate options?
A Rebuilding Ireland Home Loan offers three rate products:
- 2% fixed for up to 25 years (APR 2.02%)
- 2.25% fixed for up to 30 years (APR 2.27%)
- 2.30% variable (subject to fluctuation) for up to 30 years (APR 2.32%)
All rates are exclusive of Mortgage Protection Insurance (MPI) which is a requirement of borrowing. Eligible borrowers are required to partake in the local authority collective MPI scheme. MPI is payable monthly, in addition to loan repayments.
If you choose a fixed interest rate product:
- Your monthly repayments remain the same for the full fixed rate loan period, making budgeting easier - but during the fixed rate period, you may be liable for a breakage fee if you switch to a variable rate or pay off all or part of your mortgage.
If you choose a variable interest rate product:
- You have the flexibility to make lump sum repayments, increase your repayments or make early repayments - but your monthly repayments could rise or fall over the life of your mortgage.
You should seek independent financial advice on which product is most suitable for you.